OFAC has listed Iran’s National Development Fund (NDF) and Etemad Tejarate Pars Co. under the newly-enhanced counter-terrorism authority The sanctions come in response to “Iran’s brazen attack against Saudi Arabia”, and the State Department’s says that evidence for the attack “points to Iran – and only Iran”. The NDF reportedly provided the IRGC-QF, Iran’s Ministry […]

OFAC has reached a settlement of $4m with British Arab Commercial Bank (BACB), a commercial bank based in London, UK, with “no offices, business or presence under the US jurisdiction”. BACB processed 72 bulk funding payments totalling approximately $190m on behalf of 7 Sudanese financial institutions, including the Central Bank of Sudan, between September 2010 […]

The bank was fined for breaches of laws aimed at countering money laundering. A division of Italian banking group Intesa Sanpaolo has been fined €1 million by the Irish Central Bank for four breaches of laws aimed at countering money laundering and terrorist financing. An investigation by the Central Bank found “significant failures in Intesa’a controls, policies and procedures […]