Related Library Documents:
Information concerning the civil penalties process can be found in the Office of Foreign Assets Control (OFAC) regulations governing each sanctions program; the Reporting, Procedures, and Penalties Regulations, 31 C.F.R. Part 501; and the Economic Sanctions Enforcement Guidelines, 31 C.F.R. Part 501, app. A. These references, as well as recent final civil penalties and enforcement information, can be found on OFAC’s Web site at http://www.treasury.gov/ofac/enforcement.
ENTITIES – 31 CFR 501.805(d)(1)(i)
Standard Chartered Bank Settles Potential Civil Liability for Apparent Violations of Multiple Sanctions Programs: Standard Chartered Bank (“SCB” or the “Bank”), a financial institution headquartered in the United Kingdom, has agreed to settle potential civil liability for apparent violations of the now-repealed Burmese Sanctions Regulations (BSR); the Cuban Assets Control Regulations, 31 C.F.R. Part 515 (CACR); the Iranian Transactions and Sanctions Regulations, 31 C.F.R. Part 560 (ITSR)1 ; the now-repealed Sudanese Sanctions Regulations; and the Syrian Sanctions Regulations, 31 C.F.R. Part 542 (SySR), or Executive Order 13582 of August 17, 2011, “Blocking Property of the Government of Syria and Prohibiting Certain Transactions With Respect to Syria” (E.O. 13582)2 (collectively, the “Global Settlement Apparent Violations”). SCB’s settlement with OFAC is part of a global settlement among SCB, OFAC, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the U.S. Department of Justice, Criminal Division, Money Laundering and Asset Recovery Section, the U.S. Attorney’s Office for the District of Columbia, the New York County District Attorney’s Office, the New York State Department of Financial Services, and the United Kingdom’s Financial Conduct Authority. In addition, SCB has agreed to settle potential civil liability with OFAC for apparent violations of the Zimbabwe Sanctions Regulations, 31 C.F.R Part 541 (ZSR) (the “Zimbabwe-Related Apparent Violations”).