OFAC: SETTLEMENT AGREEMENT BANCO POPULAR DE PUERTO RICO OVER VENEZUELA SANCTIONS VIOLATIONS

On 27 May, OFAC announced that OFAC has announced a settlement with Banco Popular de Puerto Rico (BPPR), a Puerto Rican bank with branches in Puerto Rico and the US Virgin Islands. BPPR agreed to remit $225,937.86 to settle its potential civil liability for 337 apparent violations of the Venezuela Sanctions Regulations.  The apparent violations occurred when BPPR processed transactions totalling $853,126 on behalf of 2 individuals who were low level employees of the Government of Venezuela.

https://content.govdelivery.com/accounts/USTREAS/bulletins/319bf10

https://home.treasury.gov/system/files/126/20220527_bppr.pdf

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!

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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