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State Street Bank settles $7.45m penalty over OFAC sanctions violations

State Street headquarters in Boston, USA.
Photo: Getty Images

Julie DiMauro

3 min read
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Strong signal from OFAC about the prompt self-reporting it expects when businesses learn of sanctions noncompliance.

State Street has agreed to pay about $7.5m to settle allegations that a subsidiary of the financial services firm received payments and redacted invoices from two Russian entities in order to circumvent US sanctions restrictions.

The settlement resolves 38 alleged violations of the Treasury’s Office of Foreign Assets Control’s (OFAC’s)

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