OFAC Releases Recent Civil Penalties and Enforcement Info
The Office of Foreign Assets Control has released new civil penalties and enforcement information as follows:
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- Discover Financial Services, Riverwoods, IL has remitted $8,720 to settle allegations of violations of the Foreign Narcotics Kingpin Sanctions Regulations that Discover dealt in property in the U.S. in which a Specially Designated Narcotics Trafficker had an interest by maintaining a personal credit card account on his behalf.
- Wells Fargo Bank, N.A. has remitted $67,500 to settle allegations of violations of the Iranian Transactions Regulations that Wells Fargo exported financial services to Iran by performing financial services in the U.S. on behalf of an account holder while the account holder was located in Iran.
- One individual was assessed a penalty totaling $30,000 for violating the Iranian Transactions Regulations by sending and/or attempting to send funds to Iran for investment in a catering business located in Iran.