State Street Bank & Trust Co. will pay a $7.5 million fine to settle allegations by the Treasury Department’s Office of Foreign Assets Control (OFAC) that a subsidiary violated sanctions against Russia.
Charles River Systems, a Massachusetts-based software company that specializes in products that enable clients to communicate trading information, allegedly maintained business relationships with two Russian banks, Sberbank and VTB Bank, even after both were sanctioned in 2014 when Russia illegally annexed Crimea, according to OFAC’s enforcement release.
