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New York State adopts requirements for transaction monitoring and filtering programmes for financial institutions
Starting January 1, 2017, financial institutions with operations in New York will be required to maintain a risk-based transaction monitoring and filtering programme to ensure that the local financial system is not used for purposes of money laundering, terrorist financing, sanctions violations or other suspicious activities. The new requirements are outlined by the New York State Department of Financial Services (NYSDFS) in a final regulation (the Rule) set forth in Part 504 to Title 3 of the New York Codes Rules and Regulations (NYCRR).
The US Departments of State and Commerce have recently revised their requirements for Destination Control Statements (“DCS”) that must accompany exports and re-exports of US-controlled items. This change reflects the increasing frequency of shipments being made containing items controlled under both the US International Traffic in Arms Regulations (“ITAR”) and Export Administration Regulations (“EAR”), particularly as a result of the US’ ongoing Export Control Reform (“ECR”) initiative.
Ladies and gentlemen, the US Office of Foreign Assets Control (“OFAC”) has turned on the General License J sign, so fasten your seatbelt and prepare for take-off! If you are engaged in commercial passenger and/or cargo airline activity, and you are considering or already operating in Iran, please note the following update to US regulations.
For companies handling export-controlled technology, the increasing prevalence of cloud computing and cross-border IT networks raises significant challenges for effective compliance. In a move to accommodate these trends, the US Department of Commerce (“DoC”) has newly defined what they are calling an “encryption carve-out”, which states that the transmission of encrypted technology or software is no longer deemed to be an export/reexport/transfer activity under the EAR, provided certain criteria are satisfied.
On September 1, new definitions of terms used in the International Traffic in Arms Regulations (“ITAR”) and Export Administration Regulations (“EAR”) will enter into effect. This two-part blog post highlights key upcoming changes.
In Part 1 of this two-part post, we focus on new controls on the “release” of technology and technical data. In Part 2 (available here), we look at new rules related to the use of end-to-end encryption for transferring EAR-controlled technology.
In the wake of the results of the UK’s June 23 referendum on EU membership, businesses must assess the impacts of “Brexit” on their operations and prepare to manage the resulting risks. Without a concrete timeline and an understanding of the new regulatory framework, preparing for what may come is incredibly difficult and the country is currently in a state of flux. The well-known British wartime slogan “Keep Calm and Carry On” has come into its own once again at this uncertain time.
Earlier this year, the US Government took the unusual step of publicly announcing the content of its 2016 Wassenaar Arrangement (“WA”) Cyber Security Export Controls Proposal, which calls for modifications to controls adopted by the WA in December 2013, and called on industry to lobby their local regulatory authorities to support the US Proposal.
On January 16 2016 nuclear sanctions on Iran were lifted. As the second largest economy in the Middle East with the second largest population, this sanctions relief presents many new business opportunities across all industries. To explore some of these new opportunities and discuss existing challenges, we would like to invite you to a briefing on the evening of Tuesday 12th April, followed by drinks and canapes.
Individual Corporate Liability and Export Controls: Why Business Executives Should Be Paying Attention
The US Department of Justice (“DOJ”) continues to signal an intensified effort to prosecute individuals in cases of corporate misconduct, including export controls and sanctions violations. Recent comments to this effect by DOJ officials follow the publication in September 2015 of the so-called “Yates Memo”, a policy memorandum by Deputy Attorney General Sally Yates outlining the DOJ’s increased focus on individual accountability in cases of corporate wrongdoing.
On September 16, we will be hosting the next event in our on-going Global Trade Exchange annual programme. This is a unique opportunity to hear from SAP Global Trade Services leaders and the Deloitte’s Customs & Global Trade practitioners, covering the following topics: