Regulation

New caution light for non-US banks’ export control compliance

Issue 26
September 2022

Author
Ali BurneyWendy Wysong
+ About author

Ali Burney (aburney@steptoe.com) is a Partner in the Hong Kong office of Steptoe.

Wendy Wysong is the Managing Partner of Steptoe’s Hong Kong office. wwysong@steptoe.com

STEPTOE: OUTSIDE COUNSEL

Sanctions compliance has always been challenging for international banks. Recently, US regulators flashed a new caution light aimed at banks’ export control compliance, an area some banks may have overlooked in their trade finance business.

On 28 June 2022, the US Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and the US Department of Commerce’s Bureau of Industry and Security (“BIS”) issued a rare joint alert. The Alert advised financial institutions ...

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  • Export Compliance Manager Tackles the issues and challenges that keep trade compliance professionals awake at night... with insight and with solutions.
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