Compliance Certifications Jack Up Sanctions Violation Costs

Law360 (April 30, 2019, 2:54 PM EDT) -- The U.S. Department of the Treasury’s Office of Foreign Assets Control may levy substantial civil monetary penalties for sanctions violations. OFAC is authorized to issue penalties equal to the greater of $295,141 or twice the value of each prohibited transaction. But because of recent changes to OFAC’s standard settlement terms, the total costs to companies that violate sanctions — including these penalties as well as other expenses — are growing.

OFAC Settlements

Sanctions violations have led to several multibillion-dollar global settlements with international financial institutions. The high volume of international transactions creates sanctions compliance risk and enforcement exposure unique to that sector....

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