State Street to pay $7.5M to settle Russia sanctions violations by subsidiary
By 
Aaron Nicodemus2024-07-29T14:41:00
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.
The agency said in a press release Friday that the apparent violations were egregious and not voluntary self-disclosed.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefSkyGeek dinged by OFAC for completing orders, refunds with sanctioned Russian firms
Nearly three years after Russia invaded Ukraine, numerous U.S. sanctions imposed on Russia-based companies connected to the war effort have made doing business in the country fraught with unseen risks, as one U.S. airplane parts distributor learned recently.
-
News BriefVietnamese business pays $860K for violating U.S. sanctions on North Korea
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control that its business with North Korea involved U.S. financial institutions.
-
News BriefOFAC sets Aug. 2 deadline for firms to report Russian sovereign assets
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
More from Regulatory Enforcement
-
News BriefFTC shuts down student loan firms over deceptive debt relief practices
The U.S. Federal Trade Commission (FTC) took action against a pair of student loan debt relief companies for allegedly deceiving borrowers. The move came despite the Trump administration’s broader efforts to roll back enforcement actions against businesses since taking office.
-
News BriefCoinbase faces a leftover SEC probe as crypto enforcement loses steam
After dismissing its lawsuit against the crypto exchange Coinbase in March, a second investigation into the exchange by the Securities and Exchange Commission has surfaced, according to a report from the New York Times. This comes as a bit of a surprise after the Trump administration has been scaling down ...
-
News BriefStates like New York, Pennsylvania stepping up to fill regulatory void left by federal agencies
As the Consumer Financial Protection Bureau steps back from its core mission of protecting American consumers, states like New York and Pennsylvania are stepping up to fill the regulatory void.