State Street Bank and Trust Company and its subsidiary, Charles River Systems, Inc. — $7,452,501 OFAC penalty
OFAC published a $7,452,501 civil penalty against State Street Bank and Trust Company and its subsidiary, Charles River Systems, Inc. on 07/26/2024. It is the #43 largest action in OFAC’s 1,052-entry enforcement chart and #3 of the 12 actions published that year.
The record
| Entity, as published by OFAC | State Street Bank and Trust Company and its subsidiary, Charles River Systems, Inc. |
|---|---|
| Penalty / settlement amount | $7,452,501 |
| Date published by OFAC | 07/26/2024 |
| Aggregate penalties, settlements or findings | 1 |
| Rank among all published OFAC actions | #43 of 1,052 |
| Rank within 2024 | #3 of 12 |
| Share of 2024 penalty total | 15.3% |
| Statutory maximum penalty | $13,550,002 |
| Base penalty | $13,550,002 |
| Voluntarily self-disclosed | Yes |
| OFAC egregiousness determination | Egregious |
| Conduct period cited | December 2016 - May 2020 |
| Sanctions programs named in the release | Russia, Ukraine/Crimea |
Settlement against statutory maximum
OFAC put the statutory maximum civil monetary penalty for this case at $13,550,002. The settled amount of $7,452,501 is 55.0% of that maximum, which OFAC's Enforcement Guidelines tie to factors including voluntary self-disclosure and whether the conduct was egregious.
Primary source
OFAC enforcement release: 20240726_ssbt.pdf. This page adds no facts beyond that document and OFAC’s published penalty chart.
Other published actions involving this name
- State Street Bank & Trust Co. — $22,000 on 06/06/2003
Matched on the entity name OFAC published. Similar names do not always mean the same legal entity — check each release.
Comparable 2024 actions
- EFG International AG — $3,740,442
- An Individual — $1,104,408
- Vietnam Beverage Company Limited — $860,000
- Mondo TV, S.p.a. — $538,000
- Aiotec GmbH — $14,550,000
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