OFAC settles with Credit Agricole subsidiaries for apparent sanctions violations

The US Department of the Treasury’s Office of Foreign Assets Control (‘OFAC’) has announced a settlement with CA Indosuez Switzerland S.A. (‘CAIS), which it describes as ‘an indirect subsidiary of Credit Agricole Corporate and Investment Bank located in Switzerland that specializes in wealth management and corporate and investment banking.’

OFAC says that CAIS has ‘agreed to remit $720,258 to settle its potential civil liability for apparent violations of sanctions against Cuba, Ukraine-related, Iran, Sudan, and Syria. CAIS operated U.S. dollar (USD) banking and securities accounts on behalf of 17 individual customers located in sanctioned jurisdictions and conducted USD business on behalf of these customers through the U.S. financial system, including through U.S. correspondent banks and U.S. registered brokers or dealers in securities.’

OFAC said that, separately, it had reached a settlement also with CFM Indosuez Wealth (‘CFM’), ‘an indirect subsidiary of Credit Agricole Corporate and Investment Bank located in Monaco that specializes in wealth management and corporate and investment banking.’

It said that CFM had agreed ‘to remit $401,039 to settle its potential civil liability for apparent violations of sanctions against Cuba, Iran, and Syria. CFM operated U.S. dollar (USD) banking and securities accounts on behalf of 11 individual customers located in sanctioned jurisdictions and conducted USD business on behalf of these customers through the U.S. financial system, including through U.S. correspondent banks and U.S. registered brokers or dealers in securities.’