OFAC Releases Recent Civil Penalties and Enforcement Info
The Office of Foreign Assets Control has released new civil penalties and enforcement information as follows:
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- Trans Pacific National Bank, San Francisco, CA (“Trans Pacific”) has remitted $12,500 to settle allegations of violations of the Iranian Transactions Regulations. OFAC alleged that Trans Pacific initiated two separate wire transfers on behalf of an account holder for an underlying commercial transaction prohibited by the Regulations.
- Aon International Energy, Inc., Houston, TX (“Aon Energy”), a subsidiary of Aon Corporation, Chicago, IL (“Aon”), has remitted $36,000 to settle allegations of violations of the Iranian Transactions Regulations. OFAC alleged that Aon Energy had facilitated the placement of coverage and the payment of premiums for facultative retrocession reinsurance that reinsured construction risks associated with a petroleum project on Kharg Island in Iran.