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U.S. insurance companies agree to settle Cuban sanction regulations
Companies agree to settle Cuban sanction regulations
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced that two U.S. insurance companies have agreed to settle alleged violations of the Cuban sanction regulations.
In one situation, the U.S. insurance company (a wholly owned subsidiary of a German financial services provider) agreed to pay approximately $170,500 to settle about 6,500 violations of the U.S. Cuban sanction regulations voluntarily self-disclosing the apparent violations. OFAC determined that these apparent violations constitute a non-egregious case. Read a release [PDF 29 KB] from OFAC.
In the second situation, the U.S. company (as the successor legal entity to a Swiss company that provided insurance and reinsurance services for commercial and individual customers) agreed to pay about $66,000 to settle almost 22,300 apparent violations of the Cuban sanction regulations. OFAC has determined that a voluntary self-disclosure was made, and that these apparent violations constitute a non-egregious case. Read a release [PDF 38 KB] from OFAC.
For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:
Doug Zuvich |
John L. McLoughlin |
Andy Siciliano |
Steve Brotherton |
Luis (Lou) Abad |
Irina Vaysfeld |
Amie Ahanchian |
Robert Waldrop |
Gisele Belotto |
Christopher Young |
Andy Doornaert |
George Zaharatos |
Jessica Libby |
|
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