Recent settlement highlights need for OFAC diligence
The Office of Foreign Assets Control (OFAC) recently entered into a settlement agreement with a European-based asset manager for an alleged violation of US sanctions against Iran. The settlement agreement follows the announcement of a number of new measures that significantly expand US sanctions against Iran. What is significant about the new measures is that they explicitly target certain activities of non-US companies as well as US companies.
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The International Organization of Securities Commissions (IOSCO), an international organisation of securities regulators, recently published its Policy Recommendations for Money Market Funds.
The Financial Services Authority is shortly to embark on a thematic review of asset managers.
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