Puerto Rico Financial Entity Hit with “Finding of Violation” for Venezuelan Sanctions Regime Breach
US Treasury Department’s Office of Foreign Assets Control Issues Finding of Violation
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued a “finding of violation” to an international financial entity based in Puerto Rico for violating the Venezuelan sanctions regulations and reporting, penalties, and procedures regulations.
Violations Alleged
The entity was accused of engaging in three unlicensed transactions involving an individual on OFAC’s list of specially designated nationals and blocked persons. Additionally, the bank failed to maintain accurate records related to the handling of blocked property and inaccurately reported such property to OFAC.
Voluntary Self-Disclosures Made
Despite these violations, OFAC opted for a “finding of violation” instead of imposing a civil monetary penalty. The financial entity has since made voluntary self-disclosures regarding the transactions in question.
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