Compass Bank Pays To End Sudan OFAC Case

Law360, New York (August 17, 2010, 2:03 PM EDT) -- Compass Bank has agreed to pay more than $600,000 to settle allegations that it initiated fund transfers for a client doing petroleum-related business in Sudan in violation of sanction regulations.

The U.S. Department of the Treasury's Office of Foreign Assets Control alleged that Compass Bank violated the Sudanese Sanctions Regulations by acting without an OFAC license or outside the scope of its license.

The bank allegedly initiated three funds transfers in September 2006 on behalf of one of its clients related to the petroleum or petrochemical...
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