New York-based Emigrant Bank agreed to pay nearly $32,000 as part of a settlement with the Treasury Department’s Office of Foreign Assets Control (OFAC) addressing apparent sanctions violations regarding an account it maintained for a pair of Iranian residents.
The alleged lapses were deemed non-egregious by OFAC, and Emigrant received a discounted penalty for its voluntary self-disclosure, cooperation, and remedial actions undertaken, the agency said in an enforcement release Thursday.
