Citi To Pay $217,841 To Settle OFAC Violation Liabilities
The U.S. Department of Treasury said on Wednesday that Citigroup has agreed to remit $217,841 to settle potential civil liability for apparently violating multiple sanctions programs of the Office of Foreign Assets Control. The Department said that Citi Penang, the bank’s Malaysian trade service unit, processed four export bill collection applications totaling $638,074.15 between April and November in 2009, on behalf of Citibank, Hong Kong that involved the shipment of goods to Iran.
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