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US Treasury Department Announces MetLife Unit Settlement Over Iran Sanctions Violations

MetLife's American Life Insurance Company has settled with the U.S. Treasury Department for over 2,300 sanctions violations against Iran, agreeing to a $178,421 fine.

In a significant development, the U.S. Treasury Department has announced that MetLife's subsidiary, American Life Insurance Company, has reached a settlement over apparent violations of U.S. sanctions against Iran. The settlement involves a fine of $178,421 for over 2,300 violations, primarily related to insurance policies provided to entities in the United Arab Emirates that were controlled by the Iranian government.

The Treasury's Office of Foreign Assets Control (OFAC) has been actively pursuing such cases to enforce compliance with U.S. sanctions, which restrict nearly all trade with Iran. Despite the large number of infractions, they were considered non-egregious and were voluntarily disclosed by MetLife, highlighting the company's commitment to compliance and transparency in international financial operations.

This settlement underscores the importance of adhering to international sanctions and the ongoing efforts by the U.S. government to prevent sanctions evasion. The case reflects the broader geopolitical tensions between the United States and Iran, as well as the comprehensive nature of U.S. sanctions that impact global financial transactions.

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