Bank of Moscow

“The Bank of Moscow agreed to remit $9.5 million to the U.S. over allegations it handled money transfers with a bank under U.S. sanctions. The U.S. Treasury Department’s Office of Foreign Assets Control said in an enforcement notice that the Bank of Moscow, which is formally known as the Joint-Stock Commercial Bank, sent 69 transfers totaling more than $41 million through the U.S. between January 2008 and July 2009 on behalf of Bank Melli Iran ZAO, which was placed under U.S. sanctions in October 2007. None of the payment messages Bank of Moscow sent included references to the bank under U.S. sanctions; instead, it identified the bank in abbreviations, the notice said. U.S. financial institutions processed the transactions without intervening, Treasury said. Representatives of Bank of Moscow couldn’t be reached for comment.” (Wall Street Journal, “Bank of Moscow Settles US Sanctions Allegations,” 1/27/14) (http://blogs.wsj.com/riskandcompliance/2014/01/27/bank-of-moscow-settles-us-sanctions-allegations/)