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Financial Services Law Insights and Observations

OFAC settles with global money services business for alleged sanctions violations

Financial Crimes OFAC Department of Treasury Settlement

Financial Crimes

On June 7, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced an approximately $400,000 settlement with a global money services business for alleged violations of the Global Terrorism Sanctions Regulations (GTSR). The settlement resolves potential civil liability for the company’s processing of certain transactions totaling roughly $1.275 million. According to OFAC, the transactions were paid out to third-party, non-designated beneficiaries who collected their remittances from a company sub-agent in The Gambia that OFAC designated pursuant to the GTSR in December 2010.  In arriving at the settlement amount, OFAC considered various mitigating and aggravating factors, including the fact that the company voluntarily self-disclosed the issue to OFAC.

 

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