Tagged: OFAC Sudan Sanctions

UK Bank Agrees to Pay $4 Million to Settle OFAC Sudanese Sanctions Violations

Last week, British Arab Commercial Bank (BACB), located in the United Kingdom, agreed to settle an OFAC enforcement action for $4 million.  (Here and Here).  BACB has no presence in the United States but was cited for processing 72 transactions in violation of the Sudanese Sanctions Regulations. In reaching the settlement, OFAC reduced significantly the penalty amount of approximately $228 million under OFAC Enforcement Guidelines...