Japanese bank’s civil settlement for violating U.S. sanctions 

December 12:  The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department today announced that a Japanese bank had settled violations of U.S. sanctions programs.

According to today's OFAC report [PDF 15 KB], the bank engaged in practices that concealed its involvement in transactions violating U.S. sanctions against Burma and Iran. The bank implemented written procedures instructing employees to manipulate payment forms to delete or omit any information referencing U.S. sanctions targets in transactions that the bank processed through financial institutions in the United States. The bank processed at least 97 fund transfers, having a value of about $5.9 million through its New York branch.


Following a voluntary self-disclosure initiated by senior management, the bank agreed to settle the violations for approximately $8.6 million.



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