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

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July 15, 2025

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. 

For more information, contact a professional with KPMG Trade & Customs services:

Andrew Siciliano
Partner, U.S. & Global Practice Leader

E: asiciliano@kpmg.com

Doug Zuvich
Partner

E: dzuvich@kpmg.com

Irina Vaysfeld
Principal

E: ivaysfeld@kpmg.com

John L. McLoughlin
Principal

E: jlmcloughlin@kpmg.com

Luis (Lou) Abad
Principal

E: labad@kpmg.com

George Zaharatos
Principal

E: gzaharatos@kpmg.com

Christopher Young
Principal

E: christopheryoung@kpmg.com

Amie Ahanchian
Principal

E: aahanchian@kpmg.com

Gisele Belotto
Principal

E: gbelotto@kpmg.com

Steve Brotherton
Principal

E: sbrotherton@kpmg.com

Jessica Libby
Principal

E: jlibby@kpmg.com

Dawn Olesky
Principal

E: dolesky@pmg.com

Frances Xing
Principal

E: francesxing@kpmg.com

 

 

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