Canadian bank to pay fine due to Iran sanctions violations
Baku, Azerbaijan, Jan. 14
By Fatih Karimov – Trend:
Toronto-Dominion Bank (TD Bank), a financial institution headquartered in Toronto, Canada agreed to pay $516,105 to settle its potential civil liability for violations of the US sanctions on Iran and Cuba.
TD Bank processed 39 transactions totaling $515,071 between Dec. 1, 2008 and March 28, 2012, to or through the United States in apparent violation of the Iranian transactions and sanctions regulations, the US Treasury Department said.
In 2014, the United States imposed a record fine on French bank BNP Paribas (BNPP.PA), which agreed to pay almost $9 billion to resolve accusations on its violation of US sanctions against Sudan, Cuba and Iran.
In another similar case, Commerzbank AG (CBKG.DE), Germany’s second largest lender, agreed in 2015 to pay US authorities $1.45 billion to resolve an investigation of its dealings with Iran and other countries under sanctions as well as a separate probe on money laundering.
Over the past decade, in a bid to curb Iran's nuclear program, international community took measures against Tehran, including restrictions imposed on the country’s financial system, as well as its connection to the SWIFT, which have had catastrophic impacts on Iranians' economic situation and life conditions.
Although the nuclear related sanctions on Iran were lifted following the implementation of the Joint Comprehensive Plan of Action in January 2016, Iran still has difficulty in establishing ties with leading European banks as they are worried about running afoul of US regulations.