U.K. Bank Penalized for Violating U.S. Economic Sanctions; U.S. Banks May Want to Consider Protective Actions

Thompson Coburn LLP

Recent press reports detailing large penalties paid by a U.K. bank in connection with its violations of U.S. restrictions on financial dealings with Iran and Sudan underscore the cost of the violations - in both financial and public relations terms - to a financial institution caught in such circumstances. Similar, although apparently less egregious, actions by ABN AMRO were penalized in 2005. While these kinds of actions are presumably not common, U.S. banks that routinely clear offshore transactions through correspondent accounts held by other banks, or that have overseas branches or affiliates, may want to consider protective measures to guard against such violations.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Thompson Coburn LLP | Attorney Advertising

Written by:

Thompson Coburn LLP

Thompson Coburn LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.