OFAC Settles Sudan Sanctions Violation Case with Compass Bank
The Treasury Department Office of Foreign Assets Control (OFAC) and Compass Bank, based in Birmingham, Ala., settled a potential civil liability suit over apparent violations of the Sudanese Sanctions Regulations, OFAC said Dec. 3. Compass Bank agreed to remit $19,125…
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for one apparent violation of the sanctions regulations, OFAC said, noting the total base penalty amount for the violation was $25,000. OFAC determined Compass Bank did not voluntarily self-disclose the apparent violations, but the violation is considered non-egregious. Compass Bank initiated in February 2011 a funds transfer to Sudan via the U.K., OFAC said. Compass Bank cooperated with the OFAC investigation and took “appropriate remedial action in response to this apparent violation,” OFAC added.