A U.S. financial institution agreed to pay to settle its potential civil liability for 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 Massachusetts-based financial institution, on behalf of itself and its subsidiary agreed to pay over $7.4 million to settle its potential civil liability for 38 apparent violations of OFAC's Ukraine-/Russia-related sanctions.
According to the OFAC release, the apparent violations involved invoices that were redated or reissued by the subsidiary between 2016 and 2020 for certain customers who were subject to Directive 1 of Executive Order 13662, as well as certain payments outside of the applicable debt tenor accepted by the subsidiary from these customers.
The settlement amount reflects OFAC's determination that the apparent violations were not voluntarily self-disclosed and were egregious.