Wells Fargo Bank has settled a self-reported case of sanctions violations with two U.S. agencies — the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Federal Reserve — and will pay a total of $97.8 million to resolve violations of economic sanctions against Iran, Syria, and Sudan. The settlement with… Read More >>
SSBT & OFAC Resolve Iranian Sanctions Violations
The multiple violations, all of which involved a single American citizen living in Iran, took place from 2012 to 2015. However, OFAC has assessed “no monetary penalty” for those ITSR violations, according to a statement from the Treasury office. According to OFAC, between the beginning of 2012 and September 2015, SSBT “processed at least 45… Read More >>
UniCredit Group Settles Sanctions Cases for $1.3 Billion
The UniCredit Group has reached a combined $1.3 billion settlement with the federal and New York State governments, the U.S. Department of the Treasury reports. And as part of that overall settlement, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) also reports that “three separate agreements totaling $611 million” have been reached with three… Read More >>
