Print Article

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


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.


The Team

Meet the team of industry experts behind Comsure

Find out more

Latest News

Keep up to date with the very latest news from Comsure

Find out more


View our latest imagery from our news and work

Find out more


Think we can help you and your business? Chat to us today

Get In Touch

News Disclaimer

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email