The Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Friday fined Romania-based First Bank and its U.S. parent company JC Flowers & Co. $862,318 as part of a settlement for First Bank’s processing of transactions in apparent violation of Iran and Syria sanctions.
First Bank processed 98 commercial transactions totaling approximately $3.6 million through U.S. banks on behalf of parties located in Iran and Syria, according to OFAC. In 2018, after JC Flowers became its majority owner, the bank processed Euro-denominated payments for persons located in Iran, the regulator continued.
