By Tom McSorley, Erik Walsh and Trevor Schmitt (September 16, 2021, 5:47 PM EDT) -- On Aug. 27, the U. S. Department of the Treasury announced that it had reached a settlement agreement with Romanian bank First Bank SA and its U. S. parent company, JC Flowers & Co. LLC, resulting from financial services First Bank provided to parties located in Iran and Syria. [1]Specifically, JC Flowers and First Bank agreed to pay the Treasury more than $850,000 to settle civil penalties associated with 98 commercial transactions that may have violated the Treasury Office of Foreign Assets Control's Iran and Syria sanctions programs. According to the announcement, these apparent violations resulted from "First Bank's lack of understanding of. . .
To view full article click here
Originally published by Law360 16 September 2021.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
