“Finding of violation” to international financial entity located in Puerto Rico, regarding Venezuela sanctions regulations

OFAC determined that the appropriate administrative action was a finding of violation in lieu of a civil monetary penalty.

Venezuela sanctions regulations

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today issued a “finding of violation” to an international financial entity located in Puerto Rico for violations of the Venezuelan sanctions regulations and the reporting, penalties and procedures regulations (RPPR).

According to today’s OFAC release [PDF 205 KB]:

  • The Venezuelan sanctions regulations violations related to the bank’s voluntary self-disclosure of three unlicensed transactions in which an individual on OFAC’s list of specially designated nationals and blocked persons (SDN List) had an interest.
  • The RPPR violations reflected the bank’s failure to maintain full and accurate records related to the handling of blocked property and its inaccurate reporting of the blocked property to OFAC.

OFAC determined that the appropriate administrative action 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
Partner and Global Practice Leader
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
E: labad@kpmg.com

Irina Vaysfeld
E: ivaysfeld@kpmg.com

Amie Ahanchian
E: aahanchian@kpmg.com

Christopher Young
E: christopheryoung@kpmg.com

Gisele Belotto
E: gbelotto@kpmg.com

George Zaharatos
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
E: adoornaert@kpmg.com

Jessica Libby
E: jlibby@kpmg.com

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