Photo: Sittinan via Adobe Stock 10 Takeaways From OFAC's Settlement Agreements With Non-U.S. Banks
Two recent settlement agreements between the U.S. Department of the Treasury's Office of Foreign Assets Control and non-U.S. financial institutions offer several important lessons for non-U.S. banks and non-U.S. companies conducting global transactions.
September 28, 2021 at 10:15 AM
8 minute read
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) recently issued two settlement agreements on consecutive days with non-U.S. financial institutions, which affirm the extensive reach of U.S. economic sanctions and underscore the government's increased industry compliance expectations. On Aug. 26, OFAC reached a $2,329,991 settlement with Bank of China (UK) Limited, a financial institution located in London. On Aug. 27, OFAC reached an $862,318 settlement with First Bank SA, located in Romania, and its U.S. parent, JC Flowers & Co. The settlement agreements offer several important lessons for non-U.S. banks and non-U.S. companies conducting global transactions.
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