Banco Colpatria Settles Narcotics Trafficking Sanctions Regulations Allegations
The Office of Foreign Assets Control has announced that Banco Colpatria, S.A. (Colpatria), on behalf of the former Banco Colpatria, S.A., Miami Agency, which discontinued its operations in 2007 (Colpatria Miami), has remitted $91,849 to settle allegations of prohibited transactions…
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involving blocked property under OFAC’s Narcotics Trafficking Sanctions Regulations (NTSR) occurring between November 22, 2004 and May 24, 2005, without admitting or denying liability. OFAC alleged that Colpatria Miami violated the NTSR by processing 26 dollar-denominated wire transfers on behalf of one Colpatria corporate client, after OFAC designated the corporate client’s beneficial owners as Special Designated Narcotics Traffickers.