A multi-million dollar penalty against a Zimbabwean bank accused of sanctions violations reflects the U.S. Treasury Department’s increasingly aggressive enforcement efforts, an approach that analysts say has led to an uptick in legal challenges. In a “pre-penalty notice,” the department told CBZ Bank in March that it was preparing to assess what would have been a record-shattering fine of $3.8 billion against it for processing U.S. dollars on behalf of another blacklisted Zimbabwean lender, the Zimbabwe Independent reported in October. According to Jeremy Paner, a former official with the department’s Office of Foreign Assets Control, U.S. dollar-denominated transactions do not...
The Treasury Department's Office of Foreign Assets Control entered into an agreement with Clearstream Banking, S.A. of Luxembourg to address alleged violations concerning the bank's use of its omnibus account with a U.S. financial institution to hold securities on behalf of Iran's Central Bank.
The U.S. Treasury's Office of Foreign Assets Control issued a civil penalty against the Bank of Moscow for $9,492,525, which settles potential civil liability for alleged U.S. sanctions violations connected to Bank Melli Iran ZAO.
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