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Puerto Rico’s Nodus International Bank Hit with Violation Finding by US Treasury’s Office of Foreign Assets Control

The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a Finding of Violation to Nodus International Bank, Inc., an international financial entity based in Puerto Rico, for breaching the Venezuelan Sanctions Regulations and the Reporting, Penalties and Procedures Regulations.

Violations

The violations stemmed from Nodus’ self-disclosure of three unlicensed transactions involving an individual on OFAC’s List of Specially Designated Nationals and Blocked Persons having a stake. Specifically:

• Unlicensed transactions with an individual on the SDN list
• Failure to maintain accurate records related to handling blocked property
• Submission of inaccurate reports to OFAC

Consequences

The bank was found in violation of several regulations, resulting in a Finding of Violation from OFAC.

Next Steps

For more information, visit the web notice linked below.