WASHINGTON, March 16 (Sputnik) – Treasury’s Office of Foreign Assets Control (OFAC) identified dormant MasterCard accounts at Iran's Bank Melli and Bank Saderat.
"As a large and commercially sophisticated company that deals primarily with banks and other financial institutions, MasterCard should have identified and reported accounts, funds, and property and interests in property," the release said.
The MasterCard accounts remained dormant and funds in those accounts never reached any sanctioned individuals or institutions, according to the release. Moreover, MasterCard cooperated with authorities during the investigation. As a result the Treasury’s enforcement was limited to a "finding of violation," with no further penalties, the release continued.
The violations occurred prior to the January 16 implementation of an international nuclear deal with Iran, which resulted in sanctions against Bank Melli being lifted, along with most other sanctions against the Islamic Republic.
