Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control with First Bank SA and JC Flowers & Co.

Release date
08/27/2021
Body

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.  The settlement amount reflects OFAC’s determination that the apparent violations were voluntarily self-disclosed and non-egregious. 

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