OFAC SETTLEMENT WITH NATIONAL COMMERCIAL BANK (NCB) OF SAUDI ARABIA

On 28 December, OFAC announced a settlement with the National Commercial Bank (NCB), a bank headquartered in Jeddah, under which NCB agreed to remit $653,347 to settle its potential civil liability for violation of the Sudan and Syrian sanctions 2011-14 in handling transfers which used the US financial system.

https://home.treasury.gov/system/files/126/20201228_NCB.pdf

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20201228_33

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

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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