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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-09-22T16:01:00
New York-based Emigrant Bank agreed to pay nearly $32,000 as part of a settlement with the Treasury Department’s Office of Foreign Assets Control (OFAC) addressing apparent sanctions violations regarding an account it maintained for a pair of Iranian residents.
The alleged lapses were deemed non-egregious by OFAC, and Emigrant received a discounted penalty for its voluntary self-disclosure, cooperation, and remedial actions undertaken, the agency said in an enforcement release Thursday.
In 1995, Emigrant opened a certificate of deposit (CD) account for the Iranian residents. The account was renewed every five years, a process that entailed the bank gathering and producing documentation that demonstrated its knowledge of the account’s Iranian roots.
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2023-12-11T16:43:00Z By Kyle Brasseur
Nasdaq agreed to pay more than $4 million as part of a settlement with the Office of Foreign Assets Control addressing apparent Iran sanctions violations at the stock exchange operator’s former Armenian subsidiary.
2023-09-22T18:34:00Z By Jeff Dale
The Office of Foreign Assets Control ordered multinational conglomerate 3M to pay more than $9.6 million over apparent Iran sanctions violations by its subsidiary and a U.S. employee of a separate subsidiary.
2023-09-08T17:55:00Z By Kyle Brasseur
Empire Navigation pleaded guilty to violating the International Emergency Economic Powers Act by carrying nearly 1 million barrels of Iranian oil from the sanctioned Islamic Revolutionary Guard Corps to another country.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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