OFAC fines Banco do Brasil for Iran sanctions violations

OFAC has fined Banco do Brasil, New York Branch (BBNY) $139,500 in settlement of the Bank’s civil liability for 7 apparent violations of US sanctions on Iran between 2010 and 2012.  As in the case of OFAC’s recent enforcement action against BMO Harris Bank NA, a substantial factor underlying BBNY’s violations was a failure to adequately review and update its...