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Violation Tracker Individual Record

Company: EFG International AG
Penalty: $3,740,442
Year: 2024
Date: March 14, 2024
Offense Group: financial offenses
Primary Offense: economic sanction violation
Violation Description: EFG International AG, a global private banking group based in Switzerland with approximately 40 global subsidiaries, agreed to pay $3,740,442 to settle its potential civil liability for apparent violations of multiple sanctions programs administered by OFAC. Between 2014 and 2018, EFG caused U.S. securities firms to process 727 securities-related transactions totaling $29,939,701 on behalf of customers in Cuba, 141 securities-related transactions totaling $468,615 for an individual blocked under the Kingpin Act, and, in 2023, five dividend payments, with a combined value of $1,200, for U.S.-custodied securities of a person blocked under Executive Order 14024 of OFAC's Russia sanctions program. The settlement amount reflects OFAC's determination that EFG’s apparent violations were voluntarily self-disclosed and not egregious, and also reflects EFG's significant remedial measures.
Level of Government: federal
Action Type: agency action
Agency: Office of Foreign Assets Control
Civil or Criminal Case: civil
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.