The U.S. Treasury’s Office of Foreign Assets Control (OFAC), has announced a settlement with State Street Bank and Trust Company in the amount of $7,452,501.
The bank agreed to settle its civil liability for apparent violations of Ukraine-/Russia-related sanctions.
Between 2008 and 2022, Charles River Systems Inc., a Massachusetts-based non-bank technology company, acquired by State Street, maintained business relationships with Russian-owned subsidiaries.
Sberbank and VTB Bank were subject to financial sanctions imposed by OFAC in 2014, which prohibited transactions, debt financing, and other transactions involving new debt, shares, property, and ownership shares for more than 30 days.
State Street Corporation is one of the leading providers of financial services for institutional investors, including investment servicing, management and research and trading. It has $44.3 trillion under custody and administration, and $4.4 trillion under management as of June 30, 2024. State Street operates in more than 100 countries and employs approximately 53,000 people worldwide.
