Latest news with #OFAC-sanctioned
Associated Press
29-07-2025
- Business
- Associated Press
AML Watcher Insight Reveals Escalated Secondary Sanctions Risk for ASEAN Nations Amidst Surging Russia Trade
Singapore, July 29, 2025 -- Businesses in ASEAN are also exposed to the risk of secondary sanctions by OFAC of the US Treasury. A study by AML Watcher reveals a significant and escalating risk of secondary sanctions for businesses in the region, as economic ties between ASEAN and Russia reach unprecedented levels. The analysis underscores the necessity for a more sophisticated approach to sanctions screening for institutions in Singapore, Malaysia, Vietnam, and the Philippines to maintain access to vital U.S. markets. In the wake of extensive economic sanctions imposed by the US, the EU, and other Western allies, Russia has shifted its economic engagement towards Asia, with trade in the ASEAN bloc reaching an all-time high. This presents a complex compliance challenge. While businesses in ASEAN are not legally obligated to comply with all U.S. sanctions unless a correspondent banking relationship is involved, dealing with some entities targeted by OFAC can trigger secondary sanctions. This could result in U.S. authorities directly sanctioning the ASEAN business, effectively blocking it from the U.S. financial system and all trade with American entities. ' The challenge for non-U.S. businesses is that most screening tools flood compliance teams with alerts for every OFAC-sanctioned entity. This creates a huge amount of irrelevant work, because these businesses only need to avoid the specific entities that trigger secondary sanctions,' said Raja Haris, GrowthManager at AML Watcher. " Legitimate business gets delayed or even rejected due to this compliance noise and a lack of clear risk understanding. ' This is precisely where AML Watcher's intelligent, risk-based approach provides a critical lifeline. Businesses ensure efficiency in AML compliance by cutting through the noise with AML Watcher's context-driven data, carefully labeled for secondary sanctions risks, and allowing them to: ' Our goal is to replace compliance noise with compliance intelligence,' added Haris. " We empower businesses to pursue growth opportunities securely by providing the clarity to distinguish between real threats and irrelevant alerts. This is how you trade with confidence in today's complex geopolitical landscape. ' About AML Watcher AML Watcher offers a comprehensive suite of anti-money laundering (AML) compliance solutions, including sanctions, PEP, and adverse media screening, transaction screening and monitoring, and a complete case management system. Businesses can carefully manage their risk and combat financial crime by utilizing AML Watcher's distinct, intelligence-augmented screening solutions. For more information on the insight or to learn more about AML Watcher's secondary sanctions data solutions, please visit Contact Info: Name: Oonagh Van Den Berg Email: Send Email Organization: AML Watcher Website: Release ID: 89165896 If you come across any problems, discrepancies, or concerns related to the content contained within this press release that necessitate action or if a press release requires takedown, we strongly encourage you to reach out without delay by contacting [email protected] (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our committed team will be readily accessible round-the-clock to address your concerns within 8 hours and take appropriate actions to rectify identified issues or support with press release removals. Ensuring accurate and reliable information remains our unwavering commitment.
Yahoo
13-05-2025
- Business
- Yahoo
Strider Report Uncovers PRC-Based Network of Companies Affiliated with Organization Sanctioned for Aiding North Korean IT Worker Scheme
Research uncovered 35 companies based in the People's Republic of China that may be helping generate illicit revenue for the DPRK government SALT LAKE CITY, May 13, 2025 /PRNewswire/ -- Strider Technologies, Inc. ("Strider"), the leading provider of strategic intelligence, today published a new report describing how North Korean actors, often with the support of entities within the People's Republic of China, work to penetrate digital workforces of Western organizations to access sensitive data, advance geopolitical goals, and generate and launder illicit proceeds. Strider's report—Inside the Shadow Network: North Korean IT Workers and Their PRC Backers—lays out the role PRC-based entities play in these DPRK operations, which often involve facilitators and front companies based in China. These intermediaries are crucial in enabling the DPRK's use of digital platforms, payment systems, and employment marketplaces, creating a cross-border infrastructure that helps obscure the origins of the workers and facilitates the laundering of illicit proceeds. Strider identified a PRC-affiliated front company that has been sanctioned by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) for shipping IT equipment to Department 53 of The DPRK's Ministry of The People's Armed Forces. Department 53 is a weapons-trading entity subordinate to North Korea's Ministry of National Defense that is reportedly involved in selling advanced conventional weapons and military-grade communications equipment and generating revenue through front companies in various sectors, including IT and software development. Further investigation into that OFAC-sanctioned company uncovered a shadow network of 35 other PRC-based companies that are linked to it through organizational and personal connections. These 35 affiliated companies could also be materially supporting Department 53. "North Korean actors, often posing as freelance developers or engineers, are engaged in a coordinated DPRK campaign to infiltrate Western organizations and generate desperately needed revenue," said Greg Levesque, CEO and Co-Founder of Strider. "Our research at Strider reveals how front companies based in the PRC are enabling these global operations, providing cover and infrastructure for North Korean IT workers to operate undetected. A business that hires any fraudulent worker can face financial losses, IP theft, and data breaches. However, these risks increase exponentially if a company unwittingly hires a DPRK national because their earnings directly fund sanctioned weapons programs and help the regime bypass international restrictions." The report also details the tactics, techniques, and procedures used by these North Korean operatives, including the use of fake identities, front companies, and the exploitation of global freelancing platforms; outlines the risks North Korean IT workers pose to Western businesses; and maps the spread of these workers across the globe. The full Inside the Shadow Network: North Korean IT Workers and Their PRC Backers report can be found here. About StriderStrider is the leading strategic intelligence company empowering organizations to secure and advance their technology and innovation. Leveraging cutting-edge AI technology alongside proprietary methodologies, Strider transforms publicly available data into critical insights. This increased intelligence enables organizations to proactively address and respond to risks associated with state-sponsored intellectual property theft, targeted talent acquisition, and third-party partners. Strider has operations in 15 countries around the globe with offices in Salt Lake City, Washington, DC, London, and Tokyo. Contact: media@ View original content: SOURCE Strider Technologies, Inc.
Yahoo
13-05-2025
- Business
- Yahoo
Strider Report Uncovers PRC-Based Network of Companies Affiliated with Organization Sanctioned for Aiding North Korean IT Worker Scheme
Research uncovered 35 companies based in the People's Republic of China that may be helping generate illicit revenue for the DPRK government SALT LAKE CITY, May 13, 2025 /PRNewswire/ -- Strider Technologies, Inc. ("Strider"), the leading provider of strategic intelligence, today published a new report describing how North Korean actors, often with the support of entities within the People's Republic of China, work to penetrate digital workforces of Western organizations to access sensitive data, advance geopolitical goals, and generate and launder illicit proceeds. Strider's report—Inside the Shadow Network: North Korean IT Workers and Their PRC Backers—lays out the role PRC-based entities play in these DPRK operations, which often involve facilitators and front companies based in China. These intermediaries are crucial in enabling the DPRK's use of digital platforms, payment systems, and employment marketplaces, creating a cross-border infrastructure that helps obscure the origins of the workers and facilitates the laundering of illicit proceeds. Strider identified a PRC-affiliated front company that has been sanctioned by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) for shipping IT equipment to Department 53 of The DPRK's Ministry of The People's Armed Forces. Department 53 is a weapons-trading entity subordinate to North Korea's Ministry of National Defense that is reportedly involved in selling advanced conventional weapons and military-grade communications equipment and generating revenue through front companies in various sectors, including IT and software development. Further investigation into that OFAC-sanctioned company uncovered a shadow network of 35 other PRC-based companies that are linked to it through organizational and personal connections. These 35 affiliated companies could also be materially supporting Department 53. "North Korean actors, often posing as freelance developers or engineers, are engaged in a coordinated DPRK campaign to infiltrate Western organizations and generate desperately needed revenue," said Greg Levesque, CEO and Co-Founder of Strider. "Our research at Strider reveals how front companies based in the PRC are enabling these global operations, providing cover and infrastructure for North Korean IT workers to operate undetected. A business that hires any fraudulent worker can face financial losses, IP theft, and data breaches. However, these risks increase exponentially if a company unwittingly hires a DPRK national because their earnings directly fund sanctioned weapons programs and help the regime bypass international restrictions." The report also details the tactics, techniques, and procedures used by these North Korean operatives, including the use of fake identities, front companies, and the exploitation of global freelancing platforms; outlines the risks North Korean IT workers pose to Western businesses; and maps the spread of these workers across the globe. The full Inside the Shadow Network: North Korean IT Workers and Their PRC Backers report can be found here. About StriderStrider is the leading strategic intelligence company empowering organizations to secure and advance their technology and innovation. Leveraging cutting-edge AI technology alongside proprietary methodologies, Strider transforms publicly available data into critical insights. This increased intelligence enables organizations to proactively address and respond to risks associated with state-sponsored intellectual property theft, targeted talent acquisition, and third-party partners. Strider has operations in 15 countries around the globe with offices in Salt Lake City, Washington, DC, London, and Tokyo. Contact: media@ View original content: SOURCE Strider Technologies, Inc. Sign in to access your portfolio
