Bank of Abu Dhabi to Pay $855,000 Related to OFAC Violations
The National Bank of Abu Dhabi agreed to remit $855,000 to settle potential civil liability for 45 transactions that appear to have violated the Sudanese Sanctions Regulations, 31 C.F.R. part 538, said Treasury's Office of Foreign Asset Controls. The apparent…
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violations occurred from about Nov. 11, 2004, to about Dec. 27, 2005, OFAC said. NBAD provided information to OFAC that certain of its clerical staff removed or omitted Sudan-related references in payment instructions processed on behalf of its Sudan branch for payments routed through financial institutions located in the U.S. in apparent violation of the prohibition against the "exportation or re-exportation, directly or indirectly, to Sudan," OFAC said. The combined value of the 45 electronic funds transfers was $4,389,235.42, it said. OFAC decided the apparent violations constituted a non-egregious case because NBAD took prompt and appropriate remedial action, provided substantial cooperation, and has not received a penalty notice or finding of violation in the five years preceding the transactions.