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    Romanian bank and US parent settle with OFAC for trade finance sanctions violations

    by admin September 8, 2021

    Romania’s First Bank and its parent company, US investment firm J C Flowers, have entered into a US$862,318 settlement with the US treasury department’s Office of Foreign Assets Control (OFAC) for apparent violations of the Iran and Syria sanctions programmes. The bank, which provides letters…

    Trade Based Financial crimes News

    UBAF settles for nearly US$8.6 million for “reckless disregard” of Syria sanctions in internal transfers and L/C transactions

    by Mark Ford January 11, 2021

    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…

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    Washington continues blitz on third-country entities linked to sanctions evasion
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    Trade Based Financial Crime


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    Latest Articles

    • Washington continues blitz on third-country entities linked to sanctions evasion
    • Australia focusing even more on TBML with new multi-agency taskforce
    • FATF updates guidance on beneficial ownership
    • AfDB and CoDA launch US$5.9 million project to address financial crime, money laundering and tax avoidance
    • Stolen chicken-wings may be linked to organised IVTS and TBML schemes

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