OFAC regulations extend the scope of sanctions beyond the US dollar – Finance and Banking
United States: OFAC regulations extend the scope of sanctions beyond the US dollar
To print this article, simply register or connect to Mondaq.com.
By Tom McSorley, Erik Walsh and Trevor Schmitt (September 16, 2021, 5:47 p.m. EDT) – On August 27, the US Department of the Treasury announced that it had reached a settlement agreement with Romanian bank First Bank SA and its parent company American, JC Flowers & Co. LLC, resulting from the financial services provided by First Bank to parties located in Iran and Syria. Specifically, JC Flowers and First Bank have agreed to pay the Treasury over $ 850,000 to settle civil penalties associated with 98 business transactions that may have violated the Treasury Office’s Iran and Syria sanctions programs. for the control of foreign assets. According to the announcement, these apparent violations were the result of First Bank’s “lack of understanding of…
To view the full article click here
Originally posted by Law360 on September 16, 2021.
The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.
POPULAR ARTICLES ON: United States Finance and Banking