CITIBANK REACHES SETTLEMENT WITH US AGENCY OVER BREACH OF ANTI-BOYCOTT RULES

World ECR reports that Citibank has agreed to pay $60,000 in a settlement agreement with the US Department of Commerce’s Bureau of Industry and Security for breaches of the Export Administration Regulations concerning anti-boycott rules.  It was accused of violations in supplying information about business relationships with boycotted countries or blacklisted individuals and complying with a foreign country’s boycott or embargo that the US does not recognise or permit its nationals to comply with.

https://www.worldecr.com/news/bis-reaches-settlement-with-citibank-over-breach-of-anti-boycott-rules/

See the settlement at –

https://efoia.bis.doc.gov/index.php/documents/antiboycott/1195-a758/file

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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