A small Puerto Rican bank was found to have violated U.S. sanctions against Venezuela by the Treasury Department’s Office of Foreign Assets Control (OFAC) for allowing three unlicensed transactions on a blocked account.
Nodus International Bank engaged in three transactions totaling $50,271 with blocked accounts controlled by a person added to OFAC’s List of Specially Designated Nationals and Blocked Persons in 2017, according to the agency’s enforcement release published Tuesday. The transactions were completed by Nodus without receiving a license from OFAC to deal in blocked accounts, as required. The bank’s sanctions compliance officer notified senior bank officials of this requirement, but the advice was not heeded, OFAC said.
