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 |
John L. McLoughlin |
Andy Siciliano |
Steve Brotherton |
Luis (Lou) Abad |
Irina Vaysfeld |
Amie Ahanchian |
Christopher Young |
Gisele Belotto |
George Zaharatos |
Andy Doornaert |
Jessica Libby Principal E: jlibby@kpmg.com |
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