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OFAC fines AIG for insuring Iran, Sudan, and Cuba shipments

Jaclyn Jaeger | July 3, 2017

American International Group, a global insurance and financial services company, last month agreed to pay the Office of Foreign Assets Control $148,698 to settle potential civil liability for 555 “apparent violations” of the OFAC sanctions program for insuring Iran, Sudan, and Cuba shipments.

According to the OFAC settlement agreement, from November 2007 to September 2012, AIG engaged in a total of 555 transactions totaling approximately $396,530 in premiums and claims for the insurance of maritime shipments of various goods and materials destined for, or that transited through, Iran, Sudan, or Cuba, and/or that involved a blocked person.” OFAC said it “has determined that AIG did voluntarily self-disclose the apparent violations, and that the apparent violations constitute a non-egregious case.”

AIG’s OFAC compliance program in place at the time “included...

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