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Enforcement doubleheader – two units of Credit Agricole pay up for violating multiple sanctions programs

Settlement Agreements between the U.S. Department of the Treasury’s Office of Foreign Assets Control and CA Indosuez Switzerland S.A., and CFM Indosuez Wealth 09/26/2022 The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a settlement with CA Indosuez Switzerland S.A. (“CAIS”), an indirect subsidiary of […]

Multiagency Business Advisory for Sudan

Risks and Considerations for U.S. Businesses Operating in Sudan OTHER RELEASE MAY 23, 2022Share Introduction[1] The U.S. Department of State, the U.S. Department of the Treasury, the U.S. Department of Commerce, and the U.S. Department of Labor are issuing this advisory to highlight growing risks to American businesses and individuals […]

OFAC didn’t want $$$ from Mashreqbank, but…

ACTING SUPERINTENDENT ADRIENNE A. HARRIS ANNOUNCES $100 MILLION PENALTY ON MASHREQBANK FOR VIOLATIONS OF SANCTIONS LAWS  Acting Superintendent of Financial Services Adrienne A. Harris announced today that Mashreqbank, PSC (“Mashreqbank” or the “Bank”) has agreed to pay $100 million in penalties pursuant to a Consent Order entered into with the New York State Department of Financial Services (“DFS” or […]

OFAC Enforcement Action: Bank of China (UK)

Bank of China’s London branch is paying $2,329,991 (from a $4,313,799 base) for 111 voluntarily self-disclosed violations of the Sudanese sanctions program, committed between September 2014 and February 2016. What Bank of China did As a result of an internal investigation triggered by a Sudanese customer’s request to process a […]