Oklahoma-based MidFirst Bank will not pay a civil penalty after self-reporting to the Treasury Department’s Office of Foreign Assets Control (OFAC) apparent violations of weapons of mass destruction proliferator sanctions at the bank.
OFAC on Thursday hit MidFirst with a finding of violation (FOV), which resolves the matter through documenting the alleged failures without the addition of a fine. The timing and relatively low harm of the apparent violations, along with the bank’s cooperation, were among mitigating factors in the regulator’s determination.
