Background

The Bureau of Industry and Security has assessed a $44,625 civil penalty against a U.S. bank to settle charges that it committed 13 violations of the anti-boycott provisions of the Export Administration Regulations. BIS alleged that in connection with transactions involving the sale and/or transfer of goods of services to the United Arab Emirates and Kuwait, the bank (a) knowingly agreed to require another person to refuse to do business with another person pursuant to an agreement with, a requirement of, or a request from or on behalf of a boycotting country, (b) furnished information about business relationships with boycotted countries or blacklisted persons, and (c) failed to report a request to engage in a restrictive trade practice or foreign boycott against a country friendly to the U.S.

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