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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 Union de Banques Arabes et Françaises (“UBAF”), a bank based in France that facilitates trade finance between Europe and the Middle East, North Africa, sub-Saharan Africa, and Asia. UBAF agreed to remit $8,572,500 to settle its potential civil liability for 127 apparent violations of Syria-related sanctions. UBAF processed the payments on behalf of sanctioned Syrian financial institutions with the majority of the apparent violations involving UBAF’s processing of internal transfers on behalf of Syrian entities that were followed by corresponding funds transfers through the U.S. financial system.
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New information on OFAC Civil Penalties and Informal Settlements is now available. |
