US Settles With Saudi-Based NCB for Violations of Sanctions on Sudan, Syria - Treasury

© AFP 2022 / PAUL J. RICHARDS A man enters the US Treasury Department building on Pennsylvania Avenue on January 24, 2017, in Washington, DC.
A man enters the US Treasury Department building on Pennsylvania Avenue on January 24, 2017, in Washington, DC. - Sputnik International
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WASHINGTON, (Sputnik) The United States has reached a resolution with Saudi Arabia’s National Commercial Bank over the latter's violations of US sanctions against Syria and Sudan, the US Treasury Department announced in a Monday release.

“The US Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a settlement with the National Commercial Bank (NCB), a bank headquartered in Jeddah, Saudi Arabia,” the Treasury said.

The Treasury explained that the violations were processed between November 7, 2011, and August 28, 2014, and concern transactions involving Sudan or Syria that transited through the American financial system.

“NCB agreed to remit $653,347 to settle its potential civil liability for 13 apparent violations of the Sudanese Sanctions Regulations, or section 2(b) of Executive Order (E.O.) 13582 of August 17, 2011, “Blocking Property of the Government of Syria and Prohibiting Certain Transactions With Respect to Syria,” the release said. "This settlement amount reflects OFAC's determination that NCB's apparent violations were non-egregious.”
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