OFAC Announces $111K Remittance to Settle Iran Sanctions Allegation Against SGNY
The Office of Foreign Assets Control reports that Société Générale New York Branch, New York, NY (SGNY) has remitted $111,359 to settle allegations of violations of the Iranian Transactions Regulations, 31 CFR Part 560 occurring on or about December 27,…
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2006, and on or about May 9, 2007. OFAC alleged that SGNY, as the issuing bank of two letters of credit between two non-sanctioned parties, processed two payments under those letters of credit involving the shipment of cargo transported aboard vessels owned and/or managed by the Islamic Republic of Iran Shipping Lines of Tehran, Iran, an Iranian entity.