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Swiss Bank EFG Fined $3.74M for Sanctions Violations

Recent Regulations & NewsSwiss Bank EFG Fined $3.74M for Sanctions Violations

EFG International AG, a Swiss-based global private banking group with around 40 subsidiaries worldwide, has agreed to pay $3,740,442 to settle potential civil liabilities for violating multiple OFAC-administered sanctions programs. Between 2014 and 2018, EFG facilitated 727 securities transactions worth $29,939,701 for customers in Cuba, 141 transactions totaling $468,615 for an individual blocked under the Kingpin Act, and, in 2023, made five dividend payments totaling $1,200 for U.S.-held securities of a person blocked under OFAC’s Russia sanctions program. The settlement amount acknowledges EFG’s voluntary disclosure of the violations and implementation of significant remedial measures.

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By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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