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Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and UBS AG

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $1,700,100 settlement with UBS AG (UBS).  UBS agreed to settle its potential civil liability for 222 apparent violations of the Global Terrorism Sanctions Regulations, 31 C.F.R. part 594.  From January 2008 to January 2013, UBS processed 222 transactions related to securities held in custody in the United States for or on behalf of an individual customer of UBS in Zurich, Switzerland designated by OFAC in October 2001 pursuant to Executive Order 13224, “Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism.” 
 
For more information on this action, please visit the following web notice.
Last Updated: 8/27/2015 1:47 PM