Swiss Bank Pays Record $536 Million Fine for OFAC Violations: U.S. Banks May Want to Review Relevant Procedures

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Credit Suisse AG has agreed to pay a fine of $536 million in global settlement of violations of U.S. economic sanctions and New York State law. This huge penalty, announced in December 2009, is the largest ever in connection with the economic sanctions administered by the Department of the Treasury’s Office of Foreign Assets Control (OFAC). It is only the latest of several substantial fines paid by foreign-based financial institutions to settle OFAC violations in recent years. The past fines include a $350 million fine paid by Lloyds Bank of the U.K. (2009) and $80 million by the Dutch bank ABM AMRO (2005). OFAC has also levied smaller fines on foreign institutions such as ANZ Bank ($5.75 million in August 2009).

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