“Finding of violation” to international financial entity located in Puerto Rico, regarding Venezuela sanctions regulations
OFAC determined that the appropriate administrative action was a finding of violation in lieu of a civil monetary penalty.
Venezuela sanctions regulations
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today issued a “finding of violation” to an international financial entity located in Puerto Rico for violations of the Venezuelan sanctions regulations and the reporting, penalties and procedures regulations (RPPR).
According to today’s OFAC release [PDF 205 KB]:
- The Venezuelan sanctions regulations violations related to the bank’s voluntary self-disclosure of three unlicensed transactions in which an individual on OFAC’s list of specially designated nationals and blocked persons (SDN List) had an interest.
- The RPPR violations reflected the bank’s failure to maintain full and accurate records related to the handling of blocked property and its inaccurate reporting of the blocked property to OFAC.
OFAC determined that the appropriate administrative action 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 |
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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