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Bank Fined $33 Million for Apparent Violations of U.S. Economic Sanctions

Thursday, December 12, 2013
Sandler, Travis & Rosenberg Trade Report

The Treasury Department’s Office of Foreign Assets Control announced Dec. 11 that as part of a combined $100 million settlement with U.S. federal and state agencies, a foreign bank has agreed to pay $33 million to settle its potential liability for apparent violations of U.S. sanctions programs relating to Iran, Sudan, Burma and Cuba. OFAC states that from 2005 to 2009 the bank engaged in payment practices that interfered with the implementation of these sanctions, including removing material references to U.S.-sanctioned locations or persons from payment messages sent to U.S. financial institutions. The settlement agreement also requires the bank to implement and maintain policies and procedures to minimize the risk of the recurrence of such conduct and to provide OFAC with copies of submissions to the board of governors relating to the OFAC compliance review that it will be conducting.

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