OFAC fines Romanian Bank – US Parent for Syria and Iran sanctions violations

Select Language:

INVOLVED IN THIS ARTICLE:

First Bank

First Bank

A Romanian bank and its U.S. parent company were fined about $860,000 by the Office of Foreign Assets Control for violating U.S. sanctions against Iran and Syria, OFAC said in an enforcement notice.

Romania-based First Bank SA processed nearly 100 transactions worth about $3.5 million through U.S. banks on behalf of sanctioned parties, the notice said.

The bank continued to process transactions for Iranian customers after it was acquired by U.S.-based JC Flowers in 2018.

Source » exportcompliancedaily

You May Be Interested