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Settlement Agreement between Treasury’s Office of Foreign Assets Control and TDBNA

Written by The Frontier Post

F.P. Report

WASHINGTON: The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $115,005.04 settlement of two cases involving T.D. Bank, N.A. (“TDBNA”) for apparent violations of the North Korea Sanctions Regulations and the Foreign Narcotics Kingpin Sanctions Regulations.

In the first matter, TDBNA processed transactions and maintained accounts on behalf of employees of the North Korean mission to the United Nations without a license from OFAC. In the second matter, TDBNA maintained accounts for a U.S. resident who was listed on OFAC’s list of Specially Designated Nationals and Blocked Persons. The apparent violations in both matters were voluntarily self-disclosed and were non-egregious.

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The Frontier Post