The Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Monday announced a settlement with a French bank for processing payments on behalf of sanctioned Syrian financial institutions that were followed by corresponding funds transfers through the U.S. financial system.
Union de Banques Arabes et Françaises (UBAF)—which facilitates trade finance between Europe and the Middle East, North Africa, sub-Saharan Africa, and Asia—will pay $8.57 million to resolve its potential civil liability for 127 apparent sanctions violations. The settlement amount reflects OFAC’s determination that the case was “non-egregious” and that UBAF voluntarily self-disclosed the violations.
