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.
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:
John L. McLoughlin
Luis (Lou) Abad
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