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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.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a settlement with the National Commercial Bank (NCB), a bank headquartered in Jeddah, Saudi Arabia. NCB agreed to remit $653,347 to settle its potential civil liability for 13 apparent violations of the Sudanese Sanctions Regulations, or section 2(b) of Executive Order (E.O.) 13582 of August 17, 2011, “Blocking Property of the Government of Syria and Prohibiting Certain Transactions With Respect to Syria." The apparent violations were processed between November 7, 2011 and August 28, 2014 and relate to transactions involving Sudan or Syria that transited through the U.S. financial system. This settlement amount reflects OFAC's determination that NCB's apparent violations were non-egregious.
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