The U.S. Treasury Department’s Office of Foreign Assets Control has implemented new civil penalty amounts for violations of various foreign financial transaction controls.
The agency is authorized to adjust its penalty amounts in line with inflation under the 1990 Federal Civil Penalties Inflation Adjustment Act, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
The maximum civil penalty for violating the Foreign Narcotics Kingpin Designation Act has increased from $1,466,485 per violation to $1,503,470 per violation.
OFAC increased the maximum civil penalty amount for violating the International Emergency Economic Powers Act from $295,141 per violation to $302,584 per violation.
These new penalty amounts took effect Friday upon publication in the Federal Register.