The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced Thursday that Bank of China’s U.K. arm (BOC UK) agreed to pay $2.3 million to settle its potential civil liability for processing transactions in apparent violation of now-repealed Sudan sanctions regulations.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...