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Violation Tracker Individual Record

Company: State Street Bank and Trust Company
Current Parent Company: State Street Corp.
Penalty: $7,452,501
Year: 2024
Date: July 26, 2024
Offense Group: financial offenses
Primary Offense: economic sanction violation
Violation Description: State Street Bank and Trust Company, a Massachusetts-based financial institution, on behalf of itself and its subsidiary, Charles River Systems, Inc. a Massachusettsbased non-bank technology company acquired by State Street in 2018, agreed to pay $7,452,501 to settle their potential civil liability for apparent violations of OFAC's Ukraine-/Russia-Related Sanctions Regulations. The apparent violations involved invoices that were redated or reissued by Charles River for certain customers who were subject to Directive 1 of Executive Order (E.O.) 13662, as well as certain payments accepted by Charles River from these customers. The 38 apparent violations occurred between 2016 and 2020, and involved invoices totaling approximately $1,270,456.
Level of Government: federal
Action Type: agency action
Agency: Office of Foreign Assets Control
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Massachusetts
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: financial services
Source of Data: (click here)
Archived Source: (click here)
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.