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Sidley Austin LLP | Cuba, Iran, North Korea, etc. | 28 Aug 2015

Insurer settles alleged sanctions violations with OFAC

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced a $271,815 settlement with a US-based company for 48 alleged violations of various OFAC sanctions programmes. This enforcement action highlights the need for insurers and reinsurers to integrate economic sanctions into their compliance procedures.
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