OFAC: FINDING OF VIOLATION RE MidFirst BANK FOR VIOLATIONS OF THE WEAPONS OF MASS DESTRUCTION PROLIFERATORS SANCTIONS REGULATIONS

On 21 July, OFAC announced the issuance of a Finding of Violation to MidFirst Bank, a financial institution headquartered in Oklahoma City, Oklahoma.  It is reported that the violations related to the bank maintaining accounts for and processing of 34 payments on behalf of 2 individuals added to OFAC’s SDN List) for 14 days after their designation.  It is also said that the violations stemmed from MidFirst’s misunderstanding of the frequency of its vendor’s screening of new names added to the SDN List against its existing customer base.

https://home.treasury.gov/system/files/126/20220721_midfirst.pdf

https://home.kpmg/us/en/home/insights/2022/07/tnf-us-finding-violation-weapons-mass-destruction-proliferators-sanctions-regulations.html

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