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OFAC Mulling $20 Million Fine Against Australian Bank: Report
By Matt Squire
printU.S. sanctions regulators are planning to fine an Australian bank $20 million for allowing suspicious transactions in branches in New York and American Samoa, according to an Australian news report. Melbourne-based ANZ Bank said in February 2007 that it had voluntarily disclosed at least 42 breaches of United States economic sanctions to the U.S. Treasury Department's Office of Foreign Assets Control (OFAC). An internal audit at the bank found that $50 million had been moved in transfers involving Cuba, Sudan and Iran, according to a report Monday by The Courier-Mail. OFAC is moving to impose the "big fine" in the...
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