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Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and Clearstream Banking, S.A.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) today announced a $152 million agreement with Clearstream Banking, S.A. (“Clearstream”)  to settle the institution’s potential civil liability for apparent violations of U.S. sanctions against Iran.  Today’s settlement resolves OFAC’s investigation surrounding Clearstream’s use of its omnibus account with a U.S. financial institution to hold securities on behalf of the Central Bank of Iran, in apparent violation of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560.

For more information on this action, please visit the following web notice  or visit the following link for Treasury's press release on this topic. OFAC has also issued a Frequently Asked Question  related to OFAC compliance for securities intermediaries and custodians.
Last Updated: 1/23/2014 2:19 PM