OFAC settlement agreements with French and Saudi Arabian banks

OFAC has recently announced settlements with Union de Banques Arabes et Françaises (UBAF) (4 January 2021), and National Commercial Bank (NCB) (28 December 2020). See notices here and here. French bank UBAF agreed to pay $8,572,500 to settle its potential civil liability for 127 apparent violations of Syria-related sanctions. According to the web notice, UBAF operated USD accounts for designated …

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About Maya Lester QC

Maya Lester QC

Maya Lester QC is a senior barrister (Queen’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. The legal directories say she is the...

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