THE JOURNAL OF EXPORT CONTROLS AND SANCTIONS

Issue 83, October 2019

UK-based bank to pay $4m to settle OFAC charges

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The US Treasury’s Office of Foreign Assets Control (‘OFAC’) has announced a settlement with London-based British Arab Commercial Bank Plc., which, OFAC says, ‘has no offices, business or presence under U.S jurisdiction,’ but which ‘processed 72 apparent violations of the Sudanese Sanctions Regulat­ions (SSR) totaling $190,700,000.’ OFAC says that the ‘total base penalty amount for the apparent violations’ was $381m, but that ‘in consultation with BACB’s domestic regulator, the United Kingdom’s Prudential Regulation Authority, OFAC determined that the Bank’s operating capacity was such that it would face disproportionate impact if required to pay the proposed penalty… ‘As a result, and...

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