Please summarized and turn it into a slideshow.
•BLUF: (Bottom Line Up Front)
•Facts of the case/reference legal authority
•Issue
•Rule (what law was broken)
•Analysis
Case: https://www.oyez.org/cases/2011/10-1491
Attached an example on how the slideshow should look like
KRAKEN EXCHANGE LAWSUIT
Trevor, Woojin & Marbel
TABLE OF CONTENT
01.
02.
BOTTOM LINE UP FRONT
FACTS OF THE CASE / LEGAL AUTHORITY
What’s the case about?
03. ISSUE
04. RULE
What exactly happened – which legal authority?
What law has been broken?
BLUF
05. ANALYSIS Outcome of the case
TERMINOLOGY01.
02.
OFAC – OFFICE OF FOREIGN ASSETS COUNCIL
AGGREVATING VS MITIGATING FACTOR
Financial intelligence and enforcement agency of the US Treasury Department. It administers and enforces economic and trade sanctions in support of US national security and foreign policy objectives
03. IP BLOCKING
04. GEOLOCATON
Any facts that increase the level of severity of any criminal activity. Any fact or circumstance that lesses the severity or culpability of a criminal act
05. BLOCKCHAIN Distributed database that maintains a continuously growing list of ordered records, called blocks
Process of identifying the geographical location of a person or device by means of digital information processed by the internet
Configuration of a network service that blocks request from hosts with certain IP addresses.
BOTTOM LINE
San Francisco based Virtual Crypto Currency Exchange company
daily trading volume is around $333 million 9 million users worldwide (2023)
Sued by OFAC – breaching its regulations regarding trading with citizens from Iran which is forbidden.
FACTS & ISSUE
Kraken Case
01.
FACTS
ISSUE
Maintained anti-laundering and sanctions compliance program. IP address information @ onboarding 826 transactions from Iran –> $ 1,680,577 OFAC – Office of Foreign Assets Control
Kraken engaged in 826 apparent violations of
the Iranian Transaction and Sanctions
Regulations $ 1,680,577 from Iran
“IRANIAN TRANSACTIONS AND SANCTIONS REGULATIONS
31 C.F.R. §560.204
31 CFR § 560.204
826 violations of the Iranian Transactions and Sanctions Regulations 560.204 prohibits unauthorized export and re-export, sale or supply, directly or indirectly from the United States or by an US person, wherever located, of any goods, technology or services to Iran or the Government of Iran.
SETTLEMENT OF $362,158.70
MAXIMUM CIVIL MONETARY PENALTY APPLICABLE IN THIS MATTER IS $272,228,96.
ACCORDINGLY, UNDER OFAC’S ECONOMIC SANCTIONS ENFORCEMENT GUIDELINES THE BASE CIVIL MONETARY PENALTY APPLICABLE THE SUM OF ONE-HALF OF THE TRANSACTION VALUE FOR EACH APPARENT VIOLATION, WHICH IS $840,288.55.
ANALYSIS
Aggravating Factors Kraken failed to exercise due caution or care for its sanctions compliance obligations when, knowing it had customers worldwide, it applied its geolocation controls only at the time of onboarding and not with respect to subsequent transactional activity, despite having reason to know based on available IP address information that transactions appear to have been conducted from Iran.
Mitigating Factors voluntarily self-disclosed and cooperated with OFAC never received a penalty in 5 years. undertook significant measures sanctions compliance program
BIBLIOGRAPHY
https://en.wikipedia.org/wiki/Office_of_Foreign_Assets_Control
https://www.investopedia.com/tech/what- kraken/#:~:text=Kraken%20is%20a%20cryptocurrency%20exchange,euros%2C%20and
%20the%20Japanese%20yen.
https://www.usesignhouse.com/blog/kraken-stats (PDF Provided)