Banco Popular de Puerto Rico Settles with OFAC for $255,937 for Violations of Venezuela Sanctions Program
The Treasury Department’s Office of Foreign Asset Control (“OFAC”) is a busy enforcement agency. OFAC has implemented the comprehensive Russia Sanctions Program in response to Russia’s invasion of the Ukraine. The scope and pace of this process has been unprecedented. Along the way, OFAC is continuing a steady pace of sanctions enforcement actions. In a recent action, Banco Popular de Puerto Rico (“Banco Popular”), a...