A Tale of Two Banks – OFAC Violations Incur Hefty Fines

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.

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