"The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a settlement with CA Indosuez Switzerland S.A. (CAIS), an indirect subsidiary of Credit Agricole Corporate and Investment Bank located in Switzerland that specializes in wealth management and corporate and investment banking," the Treasury said in a press release.
CAIS agreed to a $720,258 settlement after violating US sanctions against Cuba, Iran, Sudan, Syria, including Ukraine-related sanctions, the release said. The bank had provided services to 17 individuals who were located in the sanctioned jurisdictions, the release said.
20 September 2022, 18:23 GMT
The Treasury also reached a $401,039 settlement with CFM Indosuez Wealth after it found the bank violated US sanctions against Cuba, Iran, and Syria, the release said. The bank served 11 individuals located in the sanctioned jurisdictions, the release said.
These banks had conducted business through the US financial system, the release noted.