OFAC: ROMANIAN BANK AND U.S. PARENT COMPANY AGREE TO PAY $860,000 TO SETTLE IRAN AND SYRIA SANCTIONS VIOLATIONS

On 27 August, OFAC and, separately, KPMG reported that First Bank SA, located in Romania, and its US parent company, JC Flowers & Co, have agreed to remit $862,318 to settle potential civil liability for First Bank’s processing of transactions in apparent violation of OFAC’s Iran and Syria sanctions programmes in 2018.

https://home.kpmg/us/en/home/insights/2021/08/tnf-romania-bank-us-parent-company-settle-iran-syria-sanction-violations.html

https://home.treasury.gov/system/files/126/20210827_firstbank_flowers.pdf

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20210827

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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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