In April 2019, the U.S. Department of Treasury’s (Treasury Department) Office of Foreign Assets Control (OFAC), in conjunction with other government partners, announced that two global foreign banks had agreed to pay over $1 billion each in fines for processing transactions through the United States in violation of various U.S. sanctions programs. Reminiscent of the past HSBC violations, the two banks allegedly processed and routed large dollar amount transactions over a period of several years. The results of the investigations by OFAC, in coordination with other government agencies, reveal significant sanctions and money laundering violations.
Already a member? Log in
NAFCU Members Get More
This page contains member-only content.
Membership is open to all federally insured credit unions in the United States, both federally and state-chartered. Members enjoy:
If you are already logged in and believe you should have access to member-only content, please contact us for assistance at email@example.com.