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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.

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

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

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

Steve Brotherton
Principal and Global Export and Sanctions Leader
T: 415-963-7861
E: sbrotherton@kpmg.com

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

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

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

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

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

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

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

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

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

 

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