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Expert Analysis

Compliance Certifications Jack Up Sanctions Violation Costs

By Jeremy Paner (April 30, 2019, 2:54 PM EDT) -- The U.S. Department of the Treasury's Office of Foreign Assets Control may levy substantial civil monetary penalties for sanctions violations. OFAC is authorized to issue penalties equal to the greater of $295,141 or twice the value of each prohibited transaction. But because of recent changes to OFAC's standard settlement terms, the total costs to companies that violate sanctions — including these penalties as well as other expenses — are growing....

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