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 Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and American Honda Finance Corporation

American Honda Finance Corporation (AHFC), a motor vehicle finance company headquartered in California, has agreed to remit $87,255 to settle its potential civil liability for 13 apparent violations of the Cuban Assets Control Regulations,  31 C.F.R. part 515 (the “Alleged Violations”).  The Alleged Violations occurred between February 2011 and March 2014, when Honda Canada Finance, Inc. — a majority-owned subsidiary of AHFC located in Canada — approved and financed 13 lease agreements between an unaffiliated Honda dealership in Ottawa, Canada and the Embassy of Cuba in connection with the Cuban Embassy’s leasing of several Honda vehicles.  OFAC determined that AHFC voluntarily self-disclosed the Alleged Violations to OFAC, and that the Alleged Violations constitute a non-egregious case.
For more information on this action, please visit the following web notice.
Last Updated: 6/8/2017 1:36 PM