January 4, 2021

French bank Union de Banques Arabes et Françaises will pay $8.6 million to resolve an investigation into its operation of U.S. dollar accounts on behalf of Syrian financial institutions subject to U.S. sanctions.  UBAF’s practices allowed the sanctioned entities to conduct transactions through a U.S. bank following internal transfers between the sanctioned entities and non-sanctioned entities that were also UBAF customers.  OFAC

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, Money Laundering,