U.S. bank agrees to pay $115,000 to settle North Korea-related, other sanctions violations

Two separate matters involving apparent violations of the North Korea sanctions regulations and foreign narcotics kingpin sanctions regulations

U.S. bank agrees to pay $115,000 to settle

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced that a U.S. bank has agreed to pay approximately $115,000 to settle its potential civil liability for two separate matters involving apparent violations of the North Korea sanctions regulations and foreign narcotics kingpin sanctions regulations.

  • In the first matter, the bank processed almost 1,500 transactions totaling approximately $380,000 and maintained nine accounts on behalf of employees of the North Korean mission to the United Nations without a license from OFAC.
  • In the second matter, the bank maintained two accounts for more than four years for a U.S. resident who was listed on OFAC’s list of specially designated nationals and blocked persons (SDN list).

According to today’s OFAC release [PDF 242 KB], the apparent violations in both cases resulted from multiple sanctions compliance breakdowns, including screening deficiencies and human error. The settlements reflect OFAC’s determination that the bank’s apparent violations in both matters were voluntarily self-disclosed and were non-egregious.
 

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