BCC Corporate SA (BCCC), a Belgium-based credit card issuer and corporate service company, has admitted to 1,818 violations of the Cuban Assets Control Regulations.
In particular, BCCC had “failed to implement controls to prevent BCCC-issued credit cards from being used in Cuba”. Between April 2009 and February 2014, it had processed 1,818 transactions totalling $583,649.43 for more than 100 distinct corporate customers of BCCC whose cards were used in Cuba or that otherwise involved Cuba.
American Express Company (AMEX), a parent company of BCCC, has agreed to remit $204,277 to OFAC in order to settle the violations. For the full enforcement information, released on 17 November 2017, click here.
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,...See profile for Michael O'Kane >