U.S. insurance company settles OFAC civil penalties

U.S. insurance company settles OFAC civil penalties

The Treasury Department Office of Foreign Assets Control (OFAC) today announced that a New York-headquartered international insurance and financial services organization agreed to pay approximately $149,000 to settle its potential civil liability for 555 “apparent violations” of OFAC sanctions programs concerning Iran, Sudan, and Cuba.

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According to the OFAC release [PDF 47 KB], the insurance company engaged in a total of 555 transactions totaling approximately $397,000 in premiums and claims for the insurance of maritime shipments of various goods and materials destined for, or that transited through, Iran, Sudan, or Cuba, and/or that involved a blocked person.  The OFAC determined that the company voluntarily self-disclosed the “apparent violations,” and that the apparent violations constituted a non-egregious case.

 

For more information, contact a professional with KPMG’s Trade & Customs practice:

Douglas Zuvich | +1 (312) 665-1022 | dzuvich@kpmg.com

Andrew Siciliano | +1 (631) 425-6057 | asiciliano@kpmg.com

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