Industrial And Commercial Bank Of China Ofac

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $2,329,991 settlement with Bank of China (UK) Limited, a financial institution located in London, United Kingdom.  BOC UK has agreed to remit $2,329,991 to settle its potential civil liability for processing transactions in apparent violation of OFAC’s now-repealed Sudan sanctions program, which prohibited the exportation, directly or indirectly, to Sudan of any goods, technology, or services from the United States. Specifically, between September 4, 2014, and February 24, 2016, BOC UK exported financial services from the U.S. by processing 111 commercial transactions totaling $40,599,184 through the U.S. financial system on behalf of parties in Sudan. This settlement amount reflects OFAC’s determination that BOC UK’s self-identified apparent violations were voluntarily self-disclosed and constitute a non-egregious case.

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