Union des Banques Arabes et Francaises (UBAF) of France has reached a settlement with the US treasury department’s Office of Foreign Assets Control (OFAC) in which the bank has agreed to remit US$8,572,500 to settle its potential civil liability for 127 apparent violations of Syria-related sanctions. 

Nearly two-thirds of the apparent violations admitted by the bank, which facilitates trade finance between Europe and the Middle East, Africa and Asia, involved the processing of internal transfers on behalf of Syrian entities that were followed by corresponding funds transfers through the US financial system.

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