The current settlement is a part of combined $327m settlement with federal and local government partners, including the District Attorney of New York’s Office.
The OFAC has resolved the violation charges laid on the London and Dubai offices of SCB as well as a case pertaining to transactions to the Foreign Narcotics Kingpin Sanctions Regulations.
OFAC director Adam Szubin said, "We remain committed to working with our partners in the regulatory and law enforcement community to ensure that the U.S. financial system is protected from the risks associated with this type of illicit financial behavior."
From 2001 to 2007, SCB’s London head office and its Dubai branch facilitated numerous payments, which were against the implementation of US economic sanctions by financial institutions in the US, including its New York branch.
Subsequently, millions of dollars of payments were routed through US banks for or on behalf of sanctioned parties, claims the US regulators.
The bank has also agreed to implement the relevant policies and procedures to minimize the recurrence of such conduct in future.
