US SANCTIONS: SETTLEMENT AGREEMENT BETWEEN WELLS FARGO BANK AND OFAC

On 30 March, OFAC announced that Wells Fargo Bank NA had agreed to remit $30,000,000 to settle its potential civil liability for apparent violations of sanctions against Iran, Syria, and Sudan.   For about 7 years beginning in 2008 and ending in 2015, Wells Fargo and its predecessor, Wachovia Bank, provided a foreign bank located in Europe with software that the foreign bank then used to process trade finance transactions with US-sanctioned jurisdictions and persons.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20230330_33

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 View all posts by raytodd2017