Puerto Rican bank agrees to remit $256,000 to settle violations of U.S. sanctions against Venezuela

Potential civil liability for over 300 apparent violations of the Venezuela sanctions regulations

Puerto Rican bank agrees to remit $256,000

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced that a Puerto Rican bank has agreed to remit approximately $256,000 to settle its potential civil liability for over 300 apparent violations of the Venezuela sanctions regulations.

According to today’s OFAC release [PDF 188 KB], the apparent violations occurred when the Puerto Rican bank processed transactions totaling over $850,000 on behalf of two individuals who were low-level employees of the government of Venezuela, in apparent violation of U.S. sanctions against Venezuela. All of the apparent violations resulted from the maintenance of four personal accounts operated by these two employees of the government of Venezuela.

OFAC determined that the Puerto Rican bank’s apparent violations were non-egregious and voluntarily self-disclosed.
 

For more information, contact a professional with KPMG’s Trade & Customs services:

Doug Zuvich
Partner and Global Practice Leader
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
E: labad@kpmg.com

Irina Vaysfeld
Principal
E: ivaysfeld@kpmg.com

Amie Ahanchian
Principal
E: aahanchian@kpmg.com

Christopher Young
Principal
E: christopheryoung@kpmg.com

Gisele Belotto
Principal
E: gbelotto@kpmg.com

George Zaharatos
Principal
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
E: adoornaert@kpmg.com

Jessica Libby
Principal
E: jlibby@kpmg.com

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