First Bank

ifmat - First Bank

First Bank SA, located in Romania, and its U.S. parent company, JC Flowers & Co. (collectively, “Respondent”), have agreed to remit $862,318 to settle potential civil liability for First Bank’s processing of transactions in apparent violation of OFAC’s Iran and Syria sanctions programs.

Country:

Romania  

Status:Medium Alert – Entities sanctioned in the past for Terror or Illicit activities / WMD related / Human rights violations.

Risk Level:unknown %

Info:
In July 2018 Piraeus Bank Romania S.A. was acquired by the J.C Flowers, a private equity leader, and was renamed into First Bank S.A. First Bank S.A. provides a broad range of retail and business banking products and services to private individuals, SMEs and other companies;

First Bank SA, located in Romania, and its U.S. parent company, JC Flowers & Co. (collectively, “Respondent”), have agreed to remit $862,318 to settle potential civil liability for First Bank’s processing of transactions in apparent violation of OFAC’s Iran and Syria sanctions programs. Specifically, First Bank processed 98 commercial transactions totaling $3,589,189 through U.S. banks on behalf of parties located in Iran and Syria. In 2018, after JC Flowers acquired a majority ownership interest in First Bank, First Bank processed Euro-denominated payments for persons located in Iran. The settlement amount reflects OFAC’s determination that the Respondent’s apparent violations were voluntarily self-disclosed and non-egregious;

Also Known As:
First Bank SA

Country:
Romania

Address:
Sos. Nicolae Titulescu, nr.29-31, sector 1, 011132, BUCURESTI, Romania

Reason for the color:
» OFAC Enters Into $862,318 Settlement with First Bank SA and JC Flowers & Co.for Apparent Violations of Iran and Syria Sanctions Programs;