OFAC Settles with Luxembourg Bank for $152 Million

On January 23, 2014, the U.S. Treasury Department’s Office of Foreign Asset Control announced a $152 million agreement with Clearstream Banking, S.A. (Clearstream), of Luxembourg to settle its potential civil liability for apparent violations with respect to Clearstream’s use of its omnibus account with a U.S. financial institution as a conduit to hold securities on behalf of the Central Bank of Iran (CBI).[1]