U.S. “finding of violation” of weapons of mass destruction proliferators sanctions regulations

OFAC issued a “finding of violation” to a financial institution headquartered in Oklahoma City, Oklahoma.

Weapons of mass destruction proliferators sanctions regulations

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today issued a “finding of violation” to a financial institution headquartered in Oklahoma City, Oklahoma, for violations of the “weapons of mass destruction proliferators sanctions regulations.”

According to the OFAC release [PDF 110 KB], the violations:

  • Related to the financial institution’s maintaining accounts for and processing of 34 payments on behalf of two individuals added to OFAC’s list of specially designated nationals and blocked persons (SDN list) for 14 days post-designation
  • Stemmed from the financial institution’s misunderstanding of the frequency of its vendor’s screening of new names added to the SDN list against its existing customer base

OFAC determined that the appropriate administrative action in this matter was a finding of violation in lieu of a civil monetary penalty. 
 

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

Steve Brotherton
Principal and Global Export and Sanctions Leader
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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
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Gisele Belotto
Principal
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George Zaharatos
Principal
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Andy Doornaert
Managing Director
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Jessica Libby
Principal
E: jlibby@kpmg.com

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