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OFAC hits Bank of China (UK) with $2M+ fine; says bank demonstrated ‘reckless disregard’ in violating Sudan sanctions regime

By Dan Byrne for AMLi

The British arm of one of China’s ‘big four’ banks has agreed to a financial penalty of over $2M to settle a sanctions violations case in the United States.

Bank of China (UK) – headquartered in London – will pay out a total of $2,329,991 on the say-so of the US Treasury’s Office of Foreign Assets Control (OFAC).

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