The U.S. Department of the Treasury’s Office of Foreign Assets Control on May 28 issued a “Finding of Violation” to State Street Bank and Trust for violations of the Iranian Transactions and Sanctions Regulations. There is no monetary penalty associated with a Finding of Violation.
Between Jan. 1, 2012, and Sept. 1, 2015, State Street Bank and Trust (SSBT) acted as trustee for a customer’s employee retirement plan. In this capacity, SSBT processed at least 45 pension payments totaling $11,365.44 to a plan participant who was a U.S. citizen with a U.S. bank account, but who was a resident in Iran, according to OFAC.
