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

Strengthening Financial Sanctions Regimes in Puerto Rico

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 major bank operating in Puerto Rico and the Virgin Islands. The settlement aims to strengthen financial sanctions regimes in Puerto Rico.

Details of the Settlement

According to OFAC, BPPR agreed to remit $255,937.86 to settle its potential civil liability for 337 apparent violations of the Venezuela Sanctions Regulations. These violations occurred when BPPR processed transactions totaling $853,126 on behalf of two low-level employees of the Government of Venezuela (GoV), in apparent violation of US sanctions against Venezuela.

Circumstances Leading to the Violations

All of the apparent violations resulted from the maintenance of four personal accounts operated by these two employees of the GoV. OFAC determined that BPPR’s apparent violations were non-egregious and voluntarily self-disclosed, leading to a settlement amount of $255,937.86.

Importance of Compliance with US Financial Sanctions Regulations

This case serves as a reminder of the importance of complying with US financial sanctions regulations in Puerto Rico. Banks operating in Puerto Rico must be vigilant in ensuring that they do not facilitate transactions that violate US sanctions.

Additional Information

For more information on this settlement and OFAC’s enforcement actions, please visit their website at [insert link].