Latvian bank agrees to pay $3.4 million to settle violations of Crimea sanctions
Apparent violations were not voluntarily self-disclosed and were non-egregious
Apparent violations were not voluntarily self-disclosed and were non-egregious
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a settlement with the Latvian subsidiary of an international financial institution in Stockholm, Sweden.
According to the OFAC release [PDF 178 KB], the bank has agreed to remit over $3.4 million to settle its potential civil liability for 386 apparent violations of OFAC's Crimea sanctions. Throughout 2015 and 2016, a customer used the bank’s e-banking platform from an internet protocol address in Crimea to send payments to persons in Crimea through U.S. correspondent banks.
OFAC determined that the bank’s apparent violations were not voluntarily self-disclosed and were non-egregious.
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