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You are subscribed to Civil Penalties Information and/or Office of Foreign Assets Control (OFAC) Recent Actions updates for the U.S. Department of the Treasury.
American International Group, Inc. (AIG) of New York, NY, an international insurance and financial services organization incorporated in Delaware and headquartered in New York, has agreed to remit $148,698 to settle its potential civil liability for 555 apparent violations of the following OFAC sanctions programs: the Iranian Transactions and Sanctions Regulations, 31 C.F.R. Part 560; the Weapons of Mass Destruction Proliferators Sanctions Regulations, 31 C.F.R. Part 544; the Sudanese Sanctions Regulations, 31 C.F.R. Part 538; and the Cuban Assets Control Regulations, 31 C.F.R. Part 515, (collectively, the “Apparent Violations”). From on or about November 20, 2007, to on or about September 3, 2012, AIG engaged in a total of 555 transactions totaling approximately $396,530 in premiums and claims for the insurance of maritime shipments of various goods and materials destined for, or that transited through, Iran, Sudan, or Cuba, and/or that involved a blocked person. OFAC has determined that AIG did voluntarily self-disclose the Apparent Violations, and that the Apparent Violations constitute a non-egregious case.
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