State Street Bank and Trust Co. Receives a Finding of Violation Regarding Violations of the Iranian Transactions and Sanctions Regulations

U.S. Department of the Treasury sent this bulletin at 05/28/2019 10:31 AM EDT

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Release of OFAC Civil Penalties Information​​

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a Finding of Violation to State Street Bank and Trust Co. (SSBT) for violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR).  Specifically, between January 1, 2012 and September 1, 2015, SSBT acted as trustee for a customer’s employee retirement plan.  In this capacity, SSBT processed at least 45 pension payments totaling $11,365.44 to a plan participant who was a U.S. citizen with a U.S. bank account, but who was resident in Iran.  This matter was voluntarily self-disclosed to OFAC.  There is no monetary penalty associated with a Finding of Violation. 

For more information, please visit the following web notice.

New information on OFAC Civil Penalties and Informal Settlements is now available.