In the latest edition of our Sanctions Watch weekly digest, we provide important updates on sanction watchlists and regulatory developments.The Federal Reserve Board took enforcement actions against Deutsche Bank (DB) AG and its U.S. affiliates, leading to the imposition of a $186 million fine. As a result of these actions, DB is required to implement remedial measures and submit progress reports. These measures come in response to previous agreements made with the U.S. government, aimed at enhancing the bank’s Anti-Money Laundering (AML) and Sanctions compliance programs.
Moving on to international matters, the Norwegian Ministry of Foreign Affairs has announced its intention to establish a new subsidiary agency dedicated to dealing with export control and sanctions matters. The objective is to have this new agency fully operational by 2024. The move aims to bolster the country’s oversight and management of export-related sanctions.
On the European stage, the EU has introduced a fresh sanctions framework targeting Iran in response to its support for Russia’s actions in the war on Ukraine. This framework includes restrictions on the export of components for Unmanned Aerial Vehicles (UAVs) and enables travel and asset freeze measures concerning Iran’s UAV programme.
Furthermore, Germany has formulated plans to impose sanctions and export controls on China in connection with alleged human rights violations. As part of this process, a review of export control lists is underway, considering new technological advancements in areas like cybersecurity and surveillance technology.