Legal News

OFAC settlement extends sanctions reach beyond US dollar

Published on: 17 September 2021
Published by: Law360
  • OFAC settlement extends sanctions reach beyond US dollar
  • What were First Bank’s violations?
  • Processing US dollar payments for individuals or entities located in Iran and Syria
  • Euro-denominated payments to Iran as a foreign subsidiary of a US company
  • Sanctions compliance implications

Article summary

Law360, Expert analysis: The recent Office of Foreign Assets Control (OFAC) settlement with JC Flowers & Co over sanctions arising from non-US currency services provided by its Romanian bank subsidiary extends OFAC’s reach outside the US financial system, and highlights the need to educate foreign affiliates about US sanctions compliance, say lawyers at Arnold & Porter. or take a trial to read the full analysis.

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