“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.”
