Bank of China UK Agrees to US$2.3 Million Deal With US on Sudan Sanctions


The Bank of China (United Kingdom) has agreed to a $2.32 million deal to settle charges that it incurred US sanctions in its dealings with Sudan, the Department of the Treasury said on Thursday.

“The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $2,329,991 settlement with Bank of China, UK (BOC UK), a financial institution located in London, United Kingdom,” the Treasury Department said in a press release.

The Bank of China (UK) has agreed to remit $2,32 million to settle its potential civil liability for processing transactions in apparent violation of OFAC’s now-repealed Sudan sanctions program, which prohibited the export to Sudan of any goods, technology, or services from the United States, the release explained.

“Specifically, between September 4, 2014 and February 24, 2016, BOC UK exported financial services from the United States by processing 111 commercial transactions totaling $40,599,184 through the US financial system on behalf of parties in Sudan,” the release said.

The settlement amount reflected OFAC’s determination that the bank’s self-identified apparent violations were voluntarily self-disclosed and constitute a non-egregious case, the release added.

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