The Traderszone Network

Published in TZ Latest News 3 September, 2014 by The TZ Newswire Staff

Citi to pay $217,841 to settle OFAC violation liabilities

Department of Treasury said on Wednesday. Citi Penang, the bank’s Malaysian trade service unit, processed four export bill collection applications totaling $638,074.15 between April and November in 2009, on behalf of Citibank, Hong Kong that involved the shipment of goods to Iran, the Treasury Department said. Although the bank had documentation in its possession related to the export bill collections, the Malaysian unit did not review or screen the bills of lading, certificates of origin, or shipment advice, the Treasury’s document said.

read more