The United States has reached an agreement with Saudi Arabia’s National Commercial Bank over the NCB’s violations of US sanctions against Syria and Sudan, the US Treasury Department announced in a Monday release.

The Treasury statement said:“The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a settlement with the National Commercial Bank (NCB), a bank headquartered in Jeddah, Saudi Arabia.” The Treasury explained that the violations were processed between November 7, 2011, and August 28, 2014, and concern transactions involving Sudan or Syria that transited through the American financial system.

Read more at The Nation

Read the OFAC web notice here

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