International banks are fined for maintaining trade relations with Cuba

New York, 29 October 2019. International banking institutions are sanctioned for the simple fact of providing services to Cuba.

Between April 2018 and March 2019, there are several examples that show what has been previously stated, among them:

• On 5 October 2018, the OFAC imposed a fine of 5,263,171 dollars on the J.P. MORGAN CHASE bank for undertaking transactions and providing unauthorized services to clients included on the Specially Designated Nationals and Blocked Persons List between 2008 and 2012. 
• On 19 November 2018, the banking-financial entity Société Générale S.A. headquartered in Paris, France, agreed to pay a total of 1,340,231,916 dollars to the OFAC of the U.S. Department of the Treasury, the Office of the Attorney General of the  Southern District of New York, the Office of the Attorney General of the District of New York County, the Federal Reserve and the Department of Financial Services for the State of New York, for violating the Cuban Assets Control Regulations, Iranian Transactions and Sanctions Regulations and Sudanese Sanctions Regulations. According to the OFAC, Société Générale S.A. processed 796 transactions involving Cuba, for a total of over 5,500 million dollars between 11 July 2007 and 26 October 2010.  This is the second largest penalty imposed on a financial institution for having had relations with Cuba.
• On 9 April 2019, the OFAC of the U.S. Department of the Treasury imposed a sanction on the STANDARD CHARTERED BANK, based in England, for apparent violations of the Cuban Assets Control Regulations and other programs of sanctions applicable to Iran, Syria, Sudan, and Myanmar. In order to avoid a lawsuit, the British company agreed to pay 639,230,750 dollars to the OFAC and 2,715,100,479 dollars to other U.S. government and state institutions. 
• On 15 April 2019, the OFAC imposed sanctions on the European affiliates of UNICREDIT GROUP in Germany, Austria and Italy for violating the Cuban Assets Control Regulations and other programs of sanctions applicable to Myanmar, Sudan, Syria, Iran and Libya. Consequently, and in order to avoid civil lawsuit, UNICREDIT BANK AG agreed to pay 553,380,759 dollars, UNICREDIT BANK Austria AG agreed to pay 20,326,340 dollars and UNICREDIT S.P.A. agreed to pay 37,316,322 dollars to the OFAC and other U.S. government and state institutions. 

Permanent Mission of Cuba to the United Nations