- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-06-20T19:00:00
Swedbank Latvia agreed to pay more than $3.4 million to resolve apparent U.S. sanctions violations in the Crimea region of Ukraine, the Treasury Department’s Office of Foreign Assets Control (OFAC) announced.
Swedbank announced the settlement Monday, which OFAC confirmed in a press release Tuesday. The bank self-disclosed the apparent violations in March 2020, though OFAC noted this was not voluntary. The agency concluded the violations were non-egregious, however, and levied a civil penalty in the case below the base applicable amount.
In March, Swedbank said it reserved 40 million Swedish krona (U.S. $3.7 million) for a settlement regarding the matter.
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The Estonian branch of Swedbank is no longer under investigation regarding suspected money laundering and other criminal activities.
Virtual currency exchange CoinList Markets agreed to pay more than $1.2 million to settle allegations from the Office of Foreign Assets Control that it violated U.S. sanctions by processing transactions for customers located in the Crimea region of Ukraine.
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The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
