OFAC Settlement Extends Sanctions' Reach Beyond US Dollar

By Tom McSorley, Erik Walsh and Trevor Schmitt (September 16, 2021, 5:47 PM EDT) -- On Aug. 27, the U.S. Department of the Treasury announced that it had reached a settlement agreement with Romanian bank First Bank SA and its U.S. parent company, JC Flowers & Co. LLC, resulting from financial services First Bank provided to parties located in Iran and Syria.[1]

Specifically, JC Flowers and First Bank agreed to pay the Treasury more than $850,000 to settle civil penalties associated with 98 commercial transactions that may have violated the Treasury Office of Foreign Assets Control's Iran and Syria sanctions programs.

According to the announcement, these apparent violations resulted from "First Bank's lack of understanding of...

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