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...

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About Michael O'Kane

Michael O'Kane

Michael was called to the Bar in 1992 and prior to joining Peters & Peters was a senior specialist prosecutor at the Crown Prosecution Service Headquarters (CPS). He was a key member of a small specialist unit responsible for the prosecution of serious and high-profile fraud, terrorist,...

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