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OFAC fine (Puerto Rico/BVI) bank for Venezuela Sanctions Regulations

06/06/2022

OFAC Settles with Banco Popular de Puerto Rico for $255,937.86 Related to Apparent Violations of the Venezuela Sanctions Regulations

Banco Popular de Puerto Rico (BPPR), a Puerto Rican bank with branches in Puerto Rico and the Virgin Islands, processed 337 transactions totaling $853,126 on behalf of two individuals who were low level employees of the Government of Venezuela (GoV), in apparent violation of U.S. sanctions against Venezuela.

All of the apparent violations resulted from the maintenance of four personal accounts operated by these two employees of the GoV.

The settlement amount reflects OFAC’s determination that BPPR’s apparent violations were non-egregious and voluntarily self- disclosed.

Description of the Apparent Violations

Executive Order 13884 (E.O. 13884), issued on August 5, 2019, blocked property and interests in property of the GoV, and defined the GoV to include “any political subdivision, agency, or instrumentality” of the GoV, “any person owned or controlled, directly or indirectly,” by the GoV, and “any person who has acted or purported to act directly or indirectly for or on behalf of” any such entity. E.O. 13884 was incorporated into the amended Venezuela Sanctions Regulations (VSR), 31 C.F.R. part 591, on November 22, 2019.


https://home.treasury.gov/system/files/126/20220527_bppr.pdf

SANCTIONS