Washington, Sept 10: An American unit of Deutsche Bank agreed to pay $583,000 to resolve two charges of violating US sanctions targeting Ukraine, the Treasury Department said in a press release on Wednesday.
“The settlements resolve OFAC [Treasury’s Office of Foreign Assets Control] investigations into apparent violations of the Ukraine-Related Sanctions Regulations,” the release said.
In one case, the Deutsche Bank Trust Company Americas (DBTCA) agreed to pay $157,500 for processing a large payment related to a series of fuel oil purchases that involved a sanctioned oil company in Cyprus, the release said.
Separately DBTCA agreed to pay another $425,600 for processing 61 payments to a sanctioned financial institution due to an improperly calibrated sanctions-screening tool, the release added.
Treasury’s Office of Foreign Assets Control (OFAC) labeled violations “non-egregious cases” because they were voluntarily disclosed by DBTCA, according to the release.
(AGENCIES)