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Weekly Roundup: OFAC Fines Compass Bank over $600,000, Former Head of Nigerian Bank Charged with Money Laundering, and More
printCompass Bank became the latest to be fined by the U.S. Treasury Department for sanctions violations this week. On Friday, the department's sanctions arm disclosed that it fined the Birmingham, AL-based financial institution $607,500 for violating economic sanctions against Sudan. The bank initiated three transfers for clients that were related to Sudan's petroleum and petrochemical industries without disclosing the violations later to the Office of Foreign Assets Control (OFAC), the agency said. OFAC said it had reduced the penalty by nearly $150,000 in part because the transfers were "non-egregious." More It wasn't a good week for anti-money laundering efforts in...
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