Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and State Street Bank and Trust Company and its subsidiary, Charles River Systems, Inc.
OFAC
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a $7,452,501 settlement with State Street Bank and Trust Company (State Street), a Massachusetts-based financial institution, on behalf of itself and its subsidiary, Charles River Systems, Inc. (Charles River). State Street agreed to settle its potential civil liability for 38 apparent violations of OFAC's Ukraine-/Russia-Related sanctions. The apparent violations involved invoices that were redated or reissued by Charles River between 2016 and 2020 for certain customers who were subject to Directive 1 of Executive Order 13662, as well as certain payments outside of the applicable debt tenor accepted by Charles River from these customers. The settlement amount reflects OFAC's determination that the apparent violations were not voluntarily self-disclosed and were egregious. For more information, please visit the following web notice and settlement agreement.
