Settlement Agreements between the U.S. Department of the Treasury’s Office of Foreign Assets Control and CA Indosuez Switzerland S.A., and CFM Indosuez Wealth

Release date
09/26/2022
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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a settlement with CA Indosuez Switzerland S.A. (“CAIS”), an indirect subsidiary of Credit Agricole Corporate and Investment Bank located in Switzerland that specializes in wealth management and corporate and investment banking.  CAIS agreed to remit $720,258 to settle its potential civil liability for apparent violations of sanctions against Cuba, Ukraine-related, Iran, Sudan, and Syria.  CAIS operated U.S. dollar (USD) banking and securities accounts on behalf of 17 individual customers located in sanctioned jurisdictions and conducted USD business on behalf of these customers through the U.S. financial system, including through U.S. correspondent banks and U.S. registered brokers or dealers in securities.

Separately, OFAC today announced a settlement with CFM Indosuez Wealth (“CFM”), an indirect subsidiary of Credit Agricole Corporate and Investment Bank located in Monaco that specializes in wealth management and corporate and investment banking.  CFM agreed to remit $401,039 to settle its potential civil liability for apparent violations of sanctions against Cuba, Iran, and Syria.  CFM operated U.S. dollar (USD) banking and securities accounts on behalf of 11 individual customers located in sanctioned jurisdictions and conducted USD business on behalf of these customers through the U.S. financial system, including through U.S. correspondent banks and U.S. registered brokers or dealers in securities.

For more information, please visit the following web notice for the CA Indosuez Switzerland S.A. matter and the following web notice for the CFM Indosuez Wealth matter.