Institute for Financial Integrity’s Post

📣 Treasury / OFAC Updates License for Telecommunications and Internet Communications with Russia 📜 On June 12, 2024, the Office of Foreign Assets Control (OFAC) issued General License No. 25D under the Russian Harmful Foreign Activities Sanctions Regulations (31 CFR part 587). This license authorizes certain telecommunications and internet-based communication transactions with the Russian Federation. 🧩 Authorized activities include the export, sale, or supply of services related to internet communications, such as email, social networking, and video conferencing, as well as related software, hardware, and technology, provided they comply with the Export Administration Regulations (EAR). It excludes transactions with specific Russian entities and financial institutions. General License No. 25D replaces General License No. 25C issued on July 14, 2022. Original source 👉: https://lnkd.in/g4nbwRxg #USsanctions #sanctionsupdate #sanctionscompliance #OFAC #Russisanctions #Telecommunications #GeneralLicense25D #Compliance

📣 Treasury / OFAC Imposes New IT and Software Services Ban on Russia Under E.O. 14071 📜 On June 12, 2024, the Office of Foreign Assets Control (OFAC) announced a determination under Executive Order 14071 and 31 CFR § 587.802, prohibiting certain IT and software services to Russia effective September 12, 2024. This includes IT consultancy, design services, and IT support and cloud services for enterprise management and design and manufacturing software. ❌ Exceptions are made for U.S.-owned entities in Russia, wind down activities, or software covered under specific export regulations. This determination aims to curb Russian aggression by restricting access to essential technology services. Original source 👉: https://lnkd.in/g7iqTB_6 #USsanctions #sanctionsupdate #sanctionscompliance #Russiasanctions #OFAC #ExecutiveOrder14071 #ITBan

Non-DTI post: The Treasury Department has formally adopted the September 2022 OFAC general license that expanded the scope of technologies able to be exported to Iran. As I wrote at that time,* this policy offers great benefit to citizens in a highly repressive regime. And the incorporation of the GL in regulation makes the authorization more durable and reliable, which matters hugely in practice. This move doesn't change the scope of the GL-D,** but making it more permanent means technology companies now have significantly more surety in offering powerful technologies to people in the greatest need of diverse communication and collaboration tools. As I said in my initial Twitter thread, none of this will bring back Mahsa Amini. But it will help the fight for freedom to continue, and that is a big deal. * https://lnkd.in/gyEaHKjM ** Federal register here: https://lnkd.in/g53EDW_X; and Article 19 coverage here: https://lnkd.in/gDQbVpJx

📣 OFAC Updates Iran General License D-2: Key Changes Explained 📅 On May 17, 2024, OFAC revised 31 CFR § 560.540, integrating provisions of General License D-2 to aid ordinary Iranians in circumventing internet censorship. 🔄 Notable changes include relocating the list of authorized communication tools, excluding high-performance personal computing devices, permitting hardware/software importation into third countries, and authorizing certain service exports for installation or repair. ❌ Restrictions now prevent web-hosting services for Iranian commercial entities or domain registrations for the Iranian government. A case-by-case licensing policy supports internet freedom activities in Iran, fostering anti-surveillance and anti-censorship software development. Original source 👉: https://lnkd.in/gdc8QZfN #USsanctions #sanctionsupdate #sanctionscompliance #Iransanctions #ITSR #OFAC #Regulations #IranPolicy #CensorshipResistance #TechExport

This is good. It’s progress and we have been emphasizing the importance of such sanctions reliefs that are targeted and proportionate. But without making compliance less risky, without companies as a part of their mission wanting to bring the Internet globally for everyone, it will have little effect. Iran’s Internet situation is devestating. Access to global Internet is paralyzed because now the attack is on HTTPS connections and what constitutes essential for connectivity. We need to think about alternatives. We as the global Internet community have to renew our commitment to bring unfettered access to the Internet without regards to nationality, race, gender and the like.

🔐 On 22 March 2024, the China Cyberspace Administration of China issued the highly anticipated final Regulations on Regulating and Promoting Cross-Border Data Flows. Our updated Q&A on this topic addresses and clarifies certain questions on what this welcome change means for businesses in China in terms of data compliance. This new piece of legislation eases compliance burdens and cross-border data flows, including exemptions from and higher thresholds for filing standard contracts for outbound cross-border data transfers. 🤝 Our experts: Susanne Rademacher, Jenna Wang-Metzner, Lelu Li and Kelly Tang   #advantbeiten #chinadesk

Last month, the U.S. Department of the Treasury’s Office of Foreign Asset Control (#OFAC) issued a final rule that clarified its #regulations pertaining to Iranian #sanctions, particularly by outlining what technologies can be provided to #Iran. In a new #ClientAlert, Associate Mamoun Mahayni and Partners Jane Luxton and Andrew Pidgirsky delve into the details of the final rule, and the implications for businesses wishing to provide technology products and services to Iran. #Trade #InternationalTrade #Enforcement

📣 OFAC Amends Iranian Transactions Regulations: Enhancing Internet Freedom and Compliance 📅 On May 17, 2024, the Office of Foreign Assets Control (OFAC) released a final rule amending the Iranian Transactions and Sanctions Regulations (ITSR), incorporating a previously published general license. ✅  This rule allows for the export, reexport, and provision of services, software, and hardware related to internet communications to Iran, with certain conditions. It updates existing authorizations and adds new provisions, including allowances for transactions involving hardware or software repair and replacement. 🖥️❓ OFAC aims to address concerns about computing power and restricts certain activities related to web-hosting and domain registration services in Iran. Original source 👉: https://lnkd.in/gaGY8bN8 #USsanctions #sanctionsupdate #sanctionscompliance #Iransanctions #OFAC #ITSR #InternetFreedom #RegulatoryChanges

Are you OFAC compliant? Yesterday, the Office of Foreign Assets Control (OFAC) released new guidance. If your company operates a mobile gaming app or your casino has adopted a cashless wallet app, it's more apparent than ever that verified geolocation data is imperative for your Know Your Customer (KYC) and sanctions compliance programs. Establishing a comprehensive KYC and sanctions compliance program is not just recommended; it's essential. OFAC's guidelines suggest adopting advanced geolocation technologies capable of identifying and preventing transactions originating from countries under sanctions. GeoComply's solutions are designed to fortify your compliance efforts. They verify WHO and WHERE your customers are located while interacting with your mobile or cashless apps. Navigating global sanctions is complex, and we can help. DM me. Let's talk about how GeoComply can boost your compliance strategies.

Escalating US sanctions against Russia are changing the world of compliance. The financial industry is changing to meet those demands. The FinCEN Files investigation caused ripples, leading to increased scrutiny of financial institutions. That scrutiny has birthed new and complex regulations. Good news, though... powerful compliance tools integrate with your technology stacks to reduce manual work. Gathering compliance evidence and monitoring evolving systems is the key! #fintech #compliance #sanctions #financialcrime #AI