U.S. OFAC announces settlement agreement with brokerage firm for violations of sanctions programs
Brokerage firm based in Connecticut agreed to pay $11.8 million
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today a settlement of over $11.8 million with a brokerage firm based in Greenwich, Connecticut, to settle potential civil liability for apparent violations of multiple OFAC sanctions programs.
The OFAC enforcement release explains that from July 15, 2016, to January 31, 2024, the firm provided brokerage and investment services to individuals in Iran, Cuba, Syria, and the Crimea region of Ukraine; processed trades in securities subject to the Chinese Military-Industrial Complex program; conducted transactions involving blocked persons under OFAC’s Russia, Global Magnitsky, Venezuela, and Syria sanctions programs; and engaged in new investment in Russia.
The settlement reflects OFAC's determination that the apparent violations were non-egregious and voluntarily self-disclosed. The firm implemented significant remedial measures upon discovery of the violations and provided substantial cooperation during OFAC's extensive investigation.