J.C. Flowers-Owned Bank Settles Claims Over Sanctions Violations

A Romanian bank owned by J.C. Flowers & Co., a U.S. investment and financial services-focused private equity firm, has settled with the U.S. Treasury Department to resolve claims it violated sanctions against Syria and Iran.

First Bank SA agreed to pay $862,318 to settle the matter. The bank processed 98 commercial transactions totaling more than $3.5 million through U.S. banks on behalf of “parties located in Iran and Syria,” according to the Treasury’s Office of Foreign Asset Control, which enforces U.S. sanctions.

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