U.S. “finding of violation” of weapons of mass destruction proliferators sanctions regulations
OFAC issued a “finding of violation” to a financial institution headquartered in Oklahoma City, Oklahoma.
Weapons of mass destruction proliferators sanctions regulations
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today issued a “finding of violation” to a financial institution headquartered in Oklahoma City, Oklahoma, for violations of the “weapons of mass destruction proliferators sanctions regulations.”
According to the OFAC release [PDF 110 KB], the violations:
- Related to the financial institution’s maintaining accounts for and processing of 34 payments on behalf of two individuals added to OFAC’s list of specially designated nationals and blocked persons (SDN list) for 14 days post-designation
- Stemmed from the financial institution’s misunderstanding of the frequency of its vendor’s screening of new names added to the SDN list against its existing customer base
OFAC determined that the appropriate administrative action in this matter was a finding of violation in lieu of a civil monetary penalty.
For more information, contact a professional with KPMG’s Trade & Customs services:
Doug Zuvich |
John L. McLoughlin |
Andy Siciliano |
Steve Brotherton |
Luis (Lou) Abad |
Irina Vaysfeld |
Amie Ahanchian |
Christopher Young |
Gisele Belotto |
George Zaharatos |
Andy Doornaert |
Jessica Libby Principal E: jlibby@kpmg.com |
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