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Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and EFG International AG

Release Date
Recent Actions Body

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a settlement with EFG International AG, a Switzerland-based global private banking  group.  EFG has agreed to pay $3,740,442 to settle its potential civil liability for processing 873 securities transactions in apparent violation of the Cuban Asset Control Regulations, the Kingpin Act, and Executive Order 14024. The settlement amount reflects OFAC’s determination that EFG’s apparent violations were voluntarily self-disclosed and were non-egregious.

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