The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced Thursday that Bank of China’s U.K. arm (BOC UK) agreed to pay $2.3 million to settle its potential civil liability for processing transactions in apparent violation of now-repealed Sudan sanctions regulations.
Between September 2014 and February 2016, BOC UK processed 111 commercial transactions totaling $40.6 million through the U.S. financial system on behalf of parties in Sudan, OFAC stated. The sanctions regulations allegedly violated were repealed in October 2017; investigations related to violations before that date can still lead to enforcement.
