French bank to pay the US $8.5 million for violating Syria sanctions

A French bank will pay the US Treasury more than $ 8.5 million for violating unilateral US sanctions on Syria, the US Treasury’s Office of Foreign Assets Control said.

The bank “Union of Arab and French Banks” (UBAF) agreed to pay $ 8,572,500 for 127 cases of transactions that go against US sanctions.

“UBAF made payments on behalf of sanctioned Syrian financial institutions,” the US Treasury Department said in a statement.


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