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Financial Sanctions Implementation in Puerto Rico: Banco Popular de Puerto Rico Settles with OFAC for $255,937.86

The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced a settlement with Banco Popular de Puerto Rico (BPPR), a Puerto Rican bank with branches in Puerto Rico and the Virgin Islands.

Background

BPPR agreed to remit $255,937.86 to settle its potential civil liability for 337 apparent violations of the Venezuela Sanctions Regulations.

Violations Occurred

According to OFAC, the apparent violations occurred when BPPR processed transactions totaling $853,126 on behalf of two individuals who were low-level employees of the Government of Venezuela (GoV), in apparent violation of U.S. sanctions against Venezuela.

Settlement Details

The settlement amount reflects OFAC’s determination that BPPR’s apparent violations were non-egregious and voluntarily self-disclosed.

Non-Egregious Violations

The bank’s actions were deemed non-egregious, meaning they did not demonstrate a reckless disregard for U.S. sanctions laws. The alleged violations resulted from the maintenance of four personal accounts operated by these two employees of the GoV.

Importance of Compliance

This settlement marks another instance of financial institutions in Puerto Rico facing penalties for violating U.S. sanctions regulations. The move underscores the importance of ensuring compliance with these regulations to avoid costly fines and reputational damage.

Takeaway

For more information on this settlement, please visit the following web notice: [insert link]

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