Zenoo Compliance Brief
OFAC fines State Street $7.5m for Russian sanctions lapses
Plus, FINMA hits Mirabaud with $15m AML penalty, OFAC designates Iranian sanctions evaders, and FinCEN proposes AML/CFT updates.
29 April 2026 · 4 min read
State Street's sanctions screening failures have cost it $7.5m in OFAC penalties, a reminder that even tier-one banks remain vulnerable to control gaps in their Russia compliance. Today we're also tracking FINMA's $15m enforcement action against Mirabaud, fresh Iranian designations that will land on your lists, and FinCEN's incoming AML/CFT programme amendments. Three separate jurisdictions signalling the same message: your controls need teeth.
In today's brief
- 1 Did State Street's sanctions controls fail at the screening layer, the list-matching layer, or both?
- 2 What specific AML control gaps forced FINMA to sanction a Swiss private bank with a $15 million penalty?
- 3 How did oil shipments route through Chinese ports to evade Iran sanctions?
- 4 FinCEN's April 2026 AML proposals: what new transaction monitoring and beneficial ownership rules mean for your compliance program
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