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OFAC imposes $1.1M penalty on individual for Iranian sanctions violations
OFAC has issued a Penalty Notice imposing a $1,104,408 penalty on a natural U.S. person for 75 violations of OFAC sanctions on Iran valued at approximately $561,802.
Between 2019 and 2022, the individual executed a plan to purchase, renovate, and operate a hotel in Iran. In furtherance of this scheme, this individual used foreign money services businesses in Iran and Canada to evade U.S. sanctions while aware at all times of U.S. sanctions on Iran. The penalty amount reflects OFAC's determination that the violations were egregious and were not voluntarily self-disclosed.
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Exception Cost Calculator (Free Spreadsheet)
How Much Does Exception Tracking Cost Your Bank?
Download the free spreadsheet, enter the number of hours for each task, and see the results. Estimate your annual exception tracking cost.
— Alogent
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Fed lowers rates in Regs A and D after FOMC meeting
The Federal Reserve Board has published in the today's Federal Register amendments to Regulations A (Extensions of Credit by Federal Reserve Banks) and D (Reserve Requirements of Depository Institutions) following its votes of last week to reduce interest rates by one-quarter of one percent (25 basis points). Each of these amendments is effective on publication, with applicability as of November 8, 2024.
The Board also published amendments to Regulation D this morning to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2025. The annual indexing of these amounts is required notwithstanding the Board's action in March 2020 of setting all reserve requirement ratios to zero. The Board is amending Regulation D to set the reserve requirement exemption amount at $37.8 million (increased from $36.1 million in 2024) and the amount of the low reserve tranche at $645.8 million (increased from $644.0 million in 2024). These changes become effective on January 1, 2025.
Each of the amendments will be posted to the BankersOnline Regulations pages shortly.
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OFAC targets opioid traffickers and key Hamas leaders and financiers
Yesterday, the Treasury Department reported that OFAC sanctioned a network of nine Mexican nationals involved in fentanyl, heroin, and other deadly drug trafficking and money laundering. Individuals designated in this network also engage in human smuggling in furtherance of their drug trafficking activities. Additionally, as members of the Cartel Jalisco Nueva Generacion (CJNG), some of the individuals sanctioned today played a prominent role in the early stages of the U.S. opioid crisis, a leading factor driving the United States' modern fentanyl crisis. CJNG is a violent Mexico-based drug trafficking organization responsible for a significant proportion of fentanyl and other deadly drugs trafficked into the United States.
Treasury also reported that OFAC designated six senior Hamas officials, including the terrorist group's representatives abroad, a senior member of the Hamas military wing, the Izz Al-Din Al-Qassam Brigades, as well as individuals involved in supporting the terrorist group's fundraising efforts and weapons smuggling into Gaza.
For the names and identification information of the designated individuals, see yesterday's BankersOnline OFAC Update.
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