News

The U.S. Treasury Department Wednesday fined Branch Banking & Trust Co. more than $19,000 for breaking federal rules against transacting with blacklisted Sudanese nationals. The fine-the smallest of its kind yet this year-stems from the North Carolina-based financial institution's failure to request additional information on the recipient of a $20,000 payment by its client, even though the bank's software flagged the transaction, according to the department's Office of Foreign Assets Control, or OFAC. Although the bank ultimately determined that the United States had not barred transactions with the individual, it only learned that the funds paid for merchandise en route...