By Maya Lester KC & Michael O’Kane

OFAC enters into $800k settlement with First Bank SA & JC Flowers & Co.

OFAC has announced that Romania-based First Bank SA and its US parent company JC Flowers & Co. have agreed to pay $862,318 to settle potential liability for violations of the Iranian Transactions and Sanctions Regulations (ITSR) and the Syrian Sanctions Regulations (SySR). Enforcement Release. Between March 2016 and December 2018, First Bank processed 34 outgoing USD payments for individuals/entities located …

IranIran SyriaSyria United StatesUnited States

About Michael O'Kane

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Michael is Senior Partner at Peters & Peters Solicitors LLP. He has acted in many of the most high profile and sensitive business crime cases of the last 25 years, at Peters &...

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