OFAC Settles Case with Citigroup Over Iran Sanctions, SDN List Transfer Violations
The Treasury Department’s Office of Foreign Assets Control settled a civil case with Citigroup Inc. over multiple alleged violations of four sanctions laws, including involvement in the shipment of sanctioned goods to Iran, OFAC said on Sept. 3. Citigroup agreed…
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to pay OFAC $217,841 for alleged violations of the Iranian Transactions and Sanctions Regulations, the Weapons of Mass Destruction Proliferators Sanctions Regulations, the Foreign Narcotics Kingpin Sanctions Regulations and the Global Terrorism Sanctions Regulations. Citigroup Trade Services Malaysia allegedly processed in 2009 four export bill collection applications on behalf of Citibank N.A., Hong Kong that involved goods shipments to Iran, including to the Islamic Republic of Iran Shipping Lines, which has been specifically targeted by OFAC for sanctions in recent years. Citibank also processed payments between 2011 and 2012 to individuals on the Specially Designated Nationals List, OFAC said.