A subsidiary of MetLife will pay more than $178,000 for violating U.S. sanctions on Iran when it provided insurance policies to entities in the United Arab Emirates owned or controlled by Iran.

The subsidiary, American Life Insurance Company (ALICO), committed 2,331 violations of U.S. sanctions on Iran, the Treasury Department’s Office of Foreign Assets Control (OFAC) announced in a press release Thursday. ALICO self-reported the violations, and OFAC considered them not egregious.

Learn More
Already a member? Sign in to an existing account.

Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...