OFAC Settles Potential Civil Liability Case with Clearstream Over Iran Sanctions Violations
The Treasury Department’s Office of Foreign Assets Control (OFAC) settled a potential civil liability case with Clearstream Banking, S.A., for $151,902,000 over apparent violations of U.S. sanctions against Iran, the department said on Jan. 23. From December 2007 to June…
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2008 Clearstream maintained an account at a U.S financial institution through which the Central Bank of Iran (CBI) kept a beneficial ownership interest in U.S.-held securities, and performed certain associated services on behalf of the CBI. In February 2008, Clearstream also transferred securities entitlements to the CBI via a European commercial bank custody account. The apparent violations were not voluntarily disclosed to OFAC, said the department. Clearstream waived the right to legally object to the financial settlement and other aspects of the agreement.