|
 We are ATTUS Technologies – since 1998, a leading provider of restricted party watch list screening and compliance solutions to more than 4,500 clients nationwide. We offer affordable, efficient web services & software for Denied Party Screening, EPLS & OIG needs. At ATTUS, our goal is to provide you the latest regulatory compliance information through our monthly newsletter, The Compliance Advisor, White Papers written by subject matter experts and webinars conducted by industry professionals - all complimentary!   - OFAC Compliance - OFAC Software - Resource Center - Civil Penalties - Enforcement Policy  - BIS Compliance - BIS Software - Seminars & Training - Compliance & Enforcement - Publications |
Fall Issue | 2011 | |
 “Compliance Insight” is published quarterly for individuals & companies who must adhere to OFAC & BIS sanctions. With the ever-evolving world of regulatory compliance, this newsletter is written to provide brief updates on what you need to know. Not sure if OFAC or BIS applies to your business? Then this newsletter is definitely for you. Protecting the U.S. From Terrorism Through OFAC Compliance By Jerry Goldberg, Director of Engineering By now you've seen the news about the United States accusing Iranian officials of plotting to kill Saudi Arabia's ambassador to the U.S. But what some businesses may not realize is that this international news had a direct impact on how they do business thanks to the sanctions handed down by the U.S. Treasury's Office of Foreign Assets Control (OFAC). The same day the stunning allegations hit the news, OFAC updated its watch lists to include individuals in any way connected to the alleged plot, meaning businesses and financial institutions are required by law to make sure they're not doing business with the five individuals named to the SDN list. OFAC also designated Iranian commercial airline Mahan Air, so U.S. persons are prohibited from engaging in commercial or financial transactions with that airline. Simply put, international incidents like this will affect your business or financial institution. And if you fail to keep up with OFAC's constantly changing watch lists, your business or financial institution could be ruined by devastating financial penalties and the public relations hit you’d take by doing business with someone dubbed a potential enemy of the United States. OFAC already is at a record pace so far this year, with 64 changes to its watch lists as of 10/21/11. In all of 2010, OFAC only updated its list 53 times. So how do you keep up and remain in compliance with federal laws? When OFAC issues an update, alarms literally sound here at ATTUS Technologies, Inc. headquarters. It's that important. Technicians immediately update all OFAC watch lists for our customers, so they don't ever have to worry. If any individual named on a federal watch list tries to do business with our customers, who rely on WatchDOG® Pro regulatory compliance software, our solutions register a hit and alert our customers before a transaction takes place. It keeps money out of the hands of terrorists and money launderers. Do you have a regulatory compliance solution in place, not only to protect your business from crippling financial penalties, but to protect the interests of the U.S.A.? Next Issue's Feature: BIS COMPLIANCE  OFAC Specially Designated Nationals Update 10/19/11 · Anti-Narcotics Designations Removals 10/13/11 · Anti-Terrorism Designation; Iraq2 Designation Removal 10/12/11 · Anti-Terrorism Designation 10/11/11 · Anti-Terrorism Designations; Iran Revolutionary Guard Corps Related Designations 10/5/11 · Democratic Republic of the Congo Designations 10/4/11 · Anti-Terrorism Designations and Anti-Terrorism Designations Removals OFAC In The News 10/20/11 · Release of quarterly TSRA report 10/19/11 · Central Bank of South Sudan Frequently Asked Question 10/14/11 · Release of Civil Penalties Information - Sunrise Technologies and Trading Corporation 10/13/11 · General licenses authorizing the exportation or re-exportation of food items to Iran and Sudan 10/12/11 · Routine update of the list of Cuba Service Providers 10/4/11 · Publication of Syria Frequently Asked Questions 10/3/11 · Release of OFAC Civil Penalties Information 10/3/11 · Syria General Licenses 13 and 14 Issued BIS Denied Persons List Updates 9/29/11
Bahram Maghazehe
154 Sequoia Drive Newtown, PA 18940 Benjamin Maghazehe 154 Sequoia Drive Newtown, PA 18940 Ben Maghazehe 154 Sequoia Drive Newtown, PA 18940
Cho-Man Wong
Room 2608, Technology Plaza 29-35 Sha Tsui Road Tsuen Wan, Hong Kong Hang Tat Electronics Enterprises Co Room 2608, Technology Plaza 29-35 Sha Tsui Road Tsuen Wan, Hong Kong 10/14/11 · BIS Publishes Final Rule on Addition of Certain Persons on the Entity List; Implementation of Entity List Annual Review Change; and Removal of Persons From the Entity List Based on Removal Requests 10/3/11 · Texas Firm and its Foreign Affiliates Settle 288 Charges of Unlicensed Exports and Reexports to Iran, Syria, and Other Countries  QUESTION: Why does my company need to worry about checking the OFAC list? ANSWER: OFAC regulations prohibit transactions with certain persons and organizations listed on the OFAC website as "Terrorists" and "Specially Designated Nationals and Blocked Persons," as well as listed embargoed countries and regions. ALL U.S. businesses must check this list on an ongoing basis to ensure that potential and existing customers are not prohibited persons or entities and are not from embargoed countries or regions before transacting any business with them. Therefore unless you are okay with paying thousands of dollars in fines and damaging your business' reputation, you need to worry about the OFAC list. ATTENTION READERS What OFAC & BIS topics or issues would you like to read about? How can we make this newsletter better for you? Please submit your thoughts, questions or comments here. Take a minute to send us your suggestions and you could win an Apple iPad. |
||
Follow us:   ATTUS Technologies is concerned about your privacy. We do not rent, sell or exchange email addresses. © 2011 ATTUS Technologies. All rights reserved. 13860 Ballantyne Corporate Place, Suite 200, Charlotte, NC 28277. |
|