THE JOURNAL OF EXPORT CONTROLS AND SANCTIONS

NEWS

US bank receives a Finding of Violation regarding Iran sanctions violations

May, 2019

Retirement pension had been paid to US citizen living in Iran.

The US Department of the Treasury’s Office of Foreign Assets Control (‘OFAC’) says that it has issued ‘a Finding of Violation to State Street Bank and Trust Co. (SSBT) for violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR),’ adding that there is no monetary penalty associated with a Finding of Violation. OFAC said that between 1 January 2012 and 1 September 2015, SSBT acted as trustee for a customer’s employee retirement plan and that in this capacity, it processed ‘at least 45 pension payments totaling $11,365.44 to a plan participant who was a U.S. citizen...

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