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WASHINGTON-The names of several large banks have been published under the Office of Foreign Asset Control’s regulation naming violators of the Trading With the Enemy Act requirements, including dealings with those named on the Specially Designated Nationals list. In a final rule effective February 11, 2003, OFAC said it would begin publishing TWEA violations no less frequently than monthly beginning April 4. In the first two weeks, OFAC published weekly. While no credit unions were named on OFAC’s list, many of the top banks have been assessed penalties or settled without admitting to any wrongdoing. Bank of New York was assessed a $24,750 penalty for a funds transfer violation, according to OFAC’s disclosures. A settlement of $41,050 was reached with Fleet Bank of Boston for alleged funds transfer and export violations and Wells Fargo also settled at $5,500 for an alleged funds transfer violation. Citibank, N.A. voluntarily disclosed a `dealings in properties’ violation and was assessed a $2,925 penalty and separately settled for $2,500 on an alleged funds transfer violation. One of the largest sums came from First Security Bank of Salt Lake City, Utah, which agreed to a $63,200 settlement also for an alleged funds transfer violation. Union Bank of California (San Francisco) settled for $14,913.96 on an alleged funds transfer violation and was assessed $12,000 for separate funds transfer and export violations. In Cordova, Tenn., Union Planters Bank was assessed a $4,500 penalty for a funds transfer violation. Other companies named on the list include the New York Yankees ($75,000 settlement for entering into a contract in which Cuba has an interest); Caterpillar, Inc. ($18,000 settlement for an alleged export violation); Chevron/Texaco ($14,071.07 settlement for alleged dealing in property and sales violations); Exxon Mobil Corp. ($50,000 settlement for an alleged export violation); and Wal-Mart Stores Inc. ($50,000 settlement for an alleged dealing in property violation). [email protected]

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