U.S. OFAC settlement agreements for violations of sanctions against Cuba, Iran, Sudan, Syria and Ukraine-related programs

U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) settlement agreements

Violations of sanctions against Cuba, Ukraine-related, Iran, Sudan, and Syria

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced two separate settlement agreements for apparent violations of sanctions against Cuba, Iran, Sudan, Syria and Ukraine-related sanctions programs.

  • An indirect subsidiary of a Swiss bank that specializes in wealth management and corporate and investment banking agreed to remit approximately $720,000 to settle its potential civil liability for apparent violations of Cuba, Ukraine-related, Iran, Sudan, and Syria sanctions programs. The bank operated U.S. dollar (USD) banking and securities accounts on behalf of 17 individual customers located in sanctioned jurisdictions and conducted USD business on behalf of these customers through the U.S. financial system, including through U.S. correspondent banks and U.S. registered brokers or dealers in securities. The settlement amount reflects OFAC’s determination that the apparent violations were voluntarily self-disclosed and were non-egregious. Read the OFAC release [PDF 183 KB]
  • An indirect subsidiary of a bank in Monaco that specializes in wealth management and corporate and investment banking agreed to remit approximately $401,000 to settle its potential civil liability for apparent violations of sanctions against Cuba, Iran, and Syria.  The bank operated U.S. dollar (USD) banking and securities accounts on behalf of 11 individual customers located in sanctioned jurisdictions and conducted USD business on behalf of these customers through the U.S. financial system, including through U.S. correspondent banks and U.S. registered brokers or dealers in securities. The settlement amount reflects OFAC’s determination that the apparent violations were voluntarily self-disclosed and were non-egregious. Read the OFAC release [PDF 180 KB]

Read the Treasury release

For more information, contact a professional with KPMG’s Trade & Customs services:

Doug Zuvich
Partner and Global Practice Leader
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
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Andy Siciliano
Partner and National Practice Leader
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Steve Brotherton
Principal and Global Export and Sanctions Leader
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Luis (Lou) Abad
Principal, Washington National Tax
E: labad@kpmg.com

Irina Vaysfeld
Principal
E: ivaysfeld@kpmg.com

Amie Ahanchian
Principal
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Christopher Young
Principal
E: christopheryoung@kpmg.com

Gisele Belotto
Principal
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George Zaharatos
Principal
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
E: adoornaert@kpmg.com

Jessica Libby
Principal
E: jlibby@kpmg.com

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