The Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Friday fined Romania-based First Bank and its U.S. parent company JC Flowers & Co. $862,318 as part of a settlement for First Bank’s processing of transactions in apparent violation of Iran and Syria sanctions.

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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,...