Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and Swedbank AS (Latvia)

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a settlement with Swedbank AS (Latvia) (“Swedbank Latvia”), a subsidiary of Swedbank AB (publ), headquartered in Stockholm, Sweden.  Swedbank Latvia has agreed to remit $3,430,900 to settle its potential civil liability for 386 apparent violations of OFAC’s Crimea sanctions.  Throughout 2015 and 2016, a customer of Swedbank Latvia used Swedbank Latvia’s e-banking platform from an internet protocol address in Crimea to send payments to persons in Crimea through U.S. correspondent banks.  The settlement amount reflects OFAC’s determination that Swedbank Latvia’s apparent violations were not voluntarily self-disclosed and were non-egregious. For more information, please visit the following web notice.

On June 23, 2023 By Mary Watt

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