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Bank settles U.S. sanctions violations for $54 million penalty

Bank settles U.S. sanctions violations

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced that a bank has agreed to settle its potential civil liability for apparent violations of the U.S. sanctions concerning Cuba, Iran, and Sudan.

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As noted in the OFAC release, the bank (a French entity) agreed to pay $54 million for processing 1,077 transactions totaling over $5.56 billion in violation of the U.S. sanctions imposed on transactions with Cuba, Iran, and Sudan. The settlement resolves OFAC’s investigation into the bank’s processing of transactions to or through the United States or U.S. financial institutions in a manner that removed, omitted, obscured, or failed to include references to OFAC-sanctioned parties in the information sent to U.S. financial institutions that were involved in the transactions.

For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:

Doug Zuvich
Partner, Global Practice Leader
T: 312-665-1022
E: dzuvich@kpmg.com

Andy Siciliano
Partner, National Practice Leader
T: 631-425-6057
E: asiciliano@kpmg.com

Irina Vaysfeld
Principal
T: 212-872-2973
E: ivaysfeld@kpmg.com

Robert Waldrop
Principal
T: 212-954-8117 
E: rwaldrop@kpmg.com

Christopher Young
Principal
T: 312-665-3229
E: christopheryoung@kpmg.com

George Zaharatos
Principal
T: 404-222-3292
E: gzaharatos@kpmg.com

John L. McLoughlin
Principal, East Coast Leader
T: 267-256-2614
E: jlmcloughlin@kpmg.com

Luis (Lou) Abad
Principal, WNT
T: 212-954-3094
E: labad@kpmg.com

Amie Ahanchian
Managing Director
T: 202-533-3247
E: aahanchian@kpmg.com

Gisele Belotto
Managing Director
T: 305-913-2779
E: gbelotto@kpmg.com

Andy Doornaert
Managing Director
T: 313-230-3080
E: adoornaert@kpmg.com

Jessica Libby
Managing Director
T: 612-305-5533
E: jlibby@kpmg.com

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