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Florida CU Settles with OFAC on TWEA Violation

WASHINGTON-Eastern Financial Florida Credit Union was cited, along with a few other institutions, on the Treasury Office of Foreign Asset Control's Jan. 2 edition of the monthly Civil Penalties Enforcement Information. The $1.8 billion credit union located in Miramar, Fla. was cited for a 2002 funds transfer dealing with Cuba....

By Staff Writer | Updated on January 13, 2004

WASHINGTON-Eastern Financial Florida Credit Union was cited, along with a few other institutions, on the Treasury Office of Foreign Asset Control’s Jan. 2 edition of the monthly Civil Penalties Enforcement Information. The $1.8 billion credit union located in Miramar, Fla. was cited for a 2002 funds transfer dealing with Cuba. OFAC began publishing the names of violators of the Trading with the Enemy Act in April 2003. According to OFAC, Eastern Financial settled for $4,000. An Eastern Financial official declined to comment. Officials from OFAC only said that the party did not contest the violation and therefore a settlement was reached. Arab Banking Corp., Bank of China, and JP Morgan Chase were the other institutions listed in the Jan. 2 enforcement information.

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