OFAC SETTLEMENT ON ALLEGED SANCTIONS VIOLATIONS WITH UNICREDIT GROUP BANKS

On 15th April, OFAC announced 3 separate settlements totalling $611 million with the following UniCredit Group banks: UniCredit Bank AG in Germany, UniCredit Bank Austria AG in Austria, and UniCredit S.p.A. in Italy.  The settlements were in respect of alleged violations of sanctions regimes including those related to WMD proliferation, global terrorism, Burma, Cuba, Iran, Libya, Sudan, and Syria 2007-2012.  This included work for the Islamic Republic of Iran Shipping Lines (IRISL) and several companies owned by or otherwise affiliated with IRISL.

https://content.govdelivery.com/accounts/USTREAS/bulletins/23e9107

https://home.treasury.gov/news/press-releases/sm658

 

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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