First Bank SA

Parent Company:
JC Flowers & Co
HQ Country of Company:
USA
Agency:
OFAC
Location of Sentencing:
Washington D.C.
Date:
Description:

First Bank SA, located in Romania, and its U.S. parent company, JC Flowers & Co. have agreed to remit $862,318 to settle potential civil liability for First Bank’s processing of transactions in apparent violation of OFAC’s Iran and Syria sanctions programs. Specifically, First Bank processed 98 commercial transactions totaling $3,589,189 through U.S. banks on behalf of parties located in Iran and Syria. In 2018, after JC Flowers acquired a majority ownership interest in First Bank, First Bank processed Euro-denominated payments for persons located in Iran.

Fine:
Total Fine
$862,318
Total Forefeiture
$ 0.00
Total Special Assessment
$ 0.00
Grand Total
$862,318
Back to Iran Violation and Penalties Tracker