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The US Treasury Department issued; A statement regarding the suspicious relationship between the National Bank of Saudi Arabia and the “Assad regime”, which provided for the imposition of fines for violating sanctions against Damascus.
The US Treasury decided to impose fines on the Saudi National Commercial Bank, under the financial settlement clause, after violating sanctions imposed on the Syrian regime.
The ministry said on its official website: “The US Treasury’s Office of Foreign Assets Control has entered into a deal with the National Commercial Bank, which is based in Jeddah, Saudi Arabia.”
The statement said that, as part of the settlement, the Saudi Bank had agreed to transfer an amount of $ 653,347 to the US Treasury Department. Due to the violation of sanctions against the Assad regime
The ministry said the financial transfer “to settle its potential civil liability for 13 clear violations of the sanctions regulations” imposed on Sudan and Syria.
He explained that these “clear violations” were dealt with during the period between November 7, 2011 and August 28, 2014, indicating that they relate to transactions related to Sudan or Syria through the US financial system.
The US Treasury Department concluded, “The amount of settlement from the National Bank of Saudi Arabia reflects recognition by the Foreign Assets Control Office that the bank’s violations were not material.”
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