Avoid providing underwriting services or insurance or reinsurance to any Iranian person on the SDN List or transactions involving the designated entity Kish Protection & Indemnity Club (aka Kish P&I), a major Iranian insurance provider;
Conduct appropriate due diligence to corroborate the origin of shipments of petroleum and petroleum products when transported or delivered by vessels exhibiting deceptive behaviors or where connections to sanctioned persons or locations are suspected;
Employ “know your customer” due diligence risk mitigation measures consistent with Financial Action Task Force standards designed to combat money laundering and terrorist and proliferation financing;
Be wary of vessels that appear to have turned off their Automatic Identification Systems while operating in the Mediterranean and Red Seas and near China. Any other signs of manipulating AIS transponders should be considered red flags for potential illicit activity and should be investigated fully prior to continuing to provide services to, processing transactions involving, or engaging in other activities with such vessels;
Request and review complete and accurate shipping documentation. Satisfactory shipping documentation should reflect the details of the underlying voyage and the relevant vessel(s), flagging, cargo, origin, and destination. Any indication that shipping documentation has been manipulated should be considered a red flag for potential illicit activity and should be investigated fully prior to continuing with the transaction.
Individuals and entities engaged in certain transactions involving petroleum or petroleum products from Iran or certain Iran-related persons on the SDN List should be aware that engaging in such conduct may result in designation on the SDN List or other sanctions under U.S. sanctions authorities.
In addition, violations of the ITSR could result in civil enforcement actions or criminal penalties for persons or transactions subject to U.S. jurisdiction. Persons that violate the ITSR can be subject to significant civil monetary penalties.
King & Wood Mallesons has an industry leading economic sanctions team. If you have any questions related to economic sanctions matters, do not hesitate to contact Aaron Wolfson at aaron.wolfson@us.kwm.com or Meg Utterback at Meg.Utterback@us.kwm.com.
——— Authors ———
Meg Utterback
Partner
New York Office
meg.utterback@us.kwm.com
Ms. Meg Utterback focuses on international arbitration, cross-border dispute resolution, construction and white collar matters. Ms. Utterback has represented US, European and Chinese companies at the International Chamber of Commerce, the China International Economic and Trade Arbitration Commission, the Hong Kong International Arbitration Centre, the Indian Council of Arbitration and in litigation before US courts in construction and commercial disputes. Furthermore, Ms. Utterback regularly handles foreign investment, resource development, engineering and construction projects, and assists clients with compliance reviews and other related services in China.
Aaron Wolfson
Partner
New York Office
Aaron.wolfson@us.kwm.com
Mr. Wolfson is a New York partner in Dispute Resolution & Litigation group specializing in financial crimes compliance. Mr. Wolfson represents clients nationally and internationally in a variety of matters, including white-collar criminal cases, administrative enforcement matters, trade-related due diligence, complex financial disputes, internal investigations, entity list designations, and corporate compliance issues.Mr. Wolfson has extensive public and private sector experience. As a prosecutor in the Manhattan District Attorney’s Office, he led numerous investigations and prosecutions of global financial institutions, for violations of U.S. sanctions laws. He also served as a Trial Attorney in the U.S. Department of Justice, Antitrust Division, where he was a member of a trial team that prosecuted fraud and price fixing in the municipal bond industry. Mr. Wolfson also held senior positions in a global investment bank’s Anti-Money Laundering and Economic Sanctions programs.
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