The latest compliance news: regulatory developments, punishments, guidance, permissions and new product and service offerings.

US Treasury, State Street Bank and Trust Co
US authorities have announced that State Street Bank and Trust Co broke US sanctions against Iran, processing dozens of transactions over a period of almost four years.

Between January 1, 2012 and September 1, 2015, SSBT acted as trustee for a customer’s employee retirement plan. In this capacity, SSBT processed at least 45 pension payments totaling $11,365.44 to a plan participant who was a US citizen with a US bank account, but who was resident in Iran, the Department of the Treasury’s Office of Foreign Assets Control said in a statement yesterday.

This matter was voluntarily self-disclosed to OFAC. There is no monetary penalty associated with a Finding of Violation, OFAC said.

Compared with some AML rule breaches that have drawn multi-billion dollar fines, the State Street Bank and Trust sanctions breach was relatively tiny in financial terms.

Regulators have punished a number of financial organizations for breaking sanctions against Iran, which is accused by the US of trying to assemble nuclear weapons. For a full list of financial miscreants, see here.