- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-03-14T21:46:00
Swiss-based global private banking group EFG International agreed to pay more than $3.7 million as part of a settlement with the Treasury Department’s Office of Foreign Assets Control (OFAC) addressing apparent violations of U.S. sanctions against Cuba and two blocked individuals.
In an enforcement release published Thursday, OFAC alleged EFG processed securities-related transactions worth nearly $30 million on behalf of customers based in or linked to Cuba. The agency said EFG also processed transactions for a Chinese national sanctioned under the Kingpin Act, as well as a person blocked under OFAC’s Russia sanctions program.
EFG voluntarily self-disclosed the apparent violations, and OFAC determined they were “non-egregious.” The agency said it would suspend $1 million of the settlement total, “pending satisfactory completion of certain compliance commitments.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.
The Bureau of Industry and Security adopted a final rule to extend its export restrictions across more entities and individuals designated under certain sanctions programs maintained by the Office of Foreign Assets Control.
Zoetis, a developer and manufacturer of vaccines and medicines for animals, disclosed it was informed by the Office of Foreign Assets Control that it won’t face enforcement for potential violations of Iran sanctions uncovered during an acquisition integration.
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
