Weekly News Digest - August 16

August 3 - FinCEN Assesses Historic $125 Million Penalty Against UBS Financial Services Inc. for Recidivist BSA Violations. The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a $125,000,000 civil money penalty against UBS Financial Services Inc. for willful violations of the Bank Secrecy Act (BSA). This is the largest penalty ever imposed against a broker-dealer for BSA violations to date.

August 4 - New INKSNA Measures Reach Beyond the SDN List: What Exporters and Defense Contractors Must Check Now. On August 4, State published measures against 22 foreign persons that suspend existing EAR licenses, bar new licenses, and restrict U.S. government procurement, assistance, and USML sales. The strongest angle is why screening must extend beyond OFAC and BIS lists. Federal Register notice

August 5 - Update to OFAC's list of Specially Designated Nationals (SDN) and Blocked Persons. OFAC introduces a new Counter Terrorism Designations Removals and Update 

August 6 - Issuance of Cuba-related Frequently Asked Questions. The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing a new Cuba-related Frequently Asked Question, FAQ 1264. Additionally, OFAC has updated the Specially Designated Nationals and Blocked Persons List.

August 10 - State Department Revokes More Than 175,000 Visas. The United States Department of State has revoked more than 175,000 visas from foreign nationals who violated the terms of their visas, committed crimes, called for violence against U.S. citizens, defrauded Americans, abused our immigration system, or endangered national security.