U.S. insurance organization agrees to pay $466,000 to settle violations of Ukraine-/Russia-Related sanctions
39 apparent violations of OFAC's Ukraine-/Russia-Related sanctions
39 apparent violations of OFAC's Ukraine-/Russia-Related sanctions
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced that a U.S. insurance organization has agreed to pay over $466,000 to settle its potential civil liability for 39 apparent violations of OFAC's Ukraine-/Russia-Related sanctions. Read the OFAC enforcement release [PDF 220 KB]
Between May 2018 and July 2020, the U.S. insurance organization engaged in transactions related to four insurance policies involving a blocked Panama-based company owned by a specially designated national.
The settlement amount reflects OFAC's determination that the insurance organization’s apparent violations were not voluntarily self-disclosed and were non-egregious.
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 |
John Anderson Managing Director E: johneanderson@kpmg.com |
Jenna Leigh Glass Managing Director E: jennaleighglass@kpmg.com |
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