Recent OFAC Enforcement Actions

On August 13, 2010, Office of Foreign Assets Control (OFAC) posted on its web site information on recent OFAC enforcement actions

Compass Bank of Birmingham, AL, has remitted $607,500 to settle allegations of violating the Sudanese Sanctions Regulations in September 2006. OFAC alleged that Compass Bank acted without an OFAC license or outside the scope of its license by initiating three funds transfers on behalf of one of its clients related to the petroleum or petrochemical industries in Sudan. Compass Bank did not voluntarily disclose this matter to OFAC and the alleged violation constituted a non-egregious case. 

Custom Polymers, Inc., a Charlotte, NC company, has agreed to remit $57,800 to settle an allegation of violating the Sudanese Sanctions Regulations on or about August 17, 2007. OFAC alleged that Custom Polymers attempted to make a payment involving Sudan, on behalf of its affiliate, without the required OFAC license. The $116,250 payment was allegedly for the purchase and export of bottle regrind from Sudan. OFAC determined that Customs Polymers did not voluntarily disclose this matter to OFAC and the alleged violation constituted a non-egregious case.