US Bank Agrees to Pay $7.5 mln for Breach of Sanctions Related to Russia, Ukraine
TEHRAN (Tasnim) – The US-based State Street Bank will pay $7.5 million for the apparent violations of Russia- and Ukraine-related sanctions in 2016-2020, the Office of Foreign Assets Control (OFAC) of the US Treasury said in a statement.
According to the document, the financial institution and its subsidiary Charles River Systems agreed "to pay $7,452,501 to settle their potential civil liability for apparent violations of OFAC’s Ukraine-/Russia-Related Sanctions Regulations," TASS reported.
The statement indicates that the case in point is at least 38 cases of invoices being "re-dated or reissued" for customers of the bank said to be covered by sanctions.
"The 38 apparent violations occurred between 2016 and 2020, and involved invoices totaling approximately $1,270,456" OFAC said.
The settlement amount "reflects OFAC’s determination that the apparent violations were egregious and not voluntarily self-disclosed," according to the document. State Street cooperated with OFAC’s investigation and implemented remedial measures, the statement read.