- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-03-14T21:46:00
Swiss-based global private banking group EFG International agreed to pay more than $3.7 million as part of a settlement with the Treasury Department’s Office of Foreign Assets Control (OFAC) addressing apparent violations of U.S. sanctions against Cuba and two blocked individuals.
In an enforcement release published Thursday, OFAC alleged EFG processed securities-related transactions worth nearly $30 million on behalf of customers based in or linked to Cuba. The agency said EFG also processed transactions for a Chinese national sanctioned under the Kingpin Act, as well as a person blocked under OFAC’s Russia sanctions program.
EFG voluntarily self-disclosed the apparent violations, and OFAC determined they were “non-egregious.” The agency said it would suspend $1 million of the settlement total, “pending satisfactory completion of certain compliance commitments.”
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A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.
The Bureau of Industry and Security adopted a final rule to extend its export restrictions across more entities and individuals designated under certain sanctions programs maintained by the Office of Foreign Assets Control.
Zoetis, a developer and manufacturer of vaccines and medicines for animals, disclosed it was informed by the Office of Foreign Assets Control that it won’t face enforcement for potential violations of Iran sanctions uncovered during an acquisition integration.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
