Civil Enforcement Information (FOV) - TD Bank, N.A.

Date issued: Jan. 13 2017

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TURBOFAC Commentary (592 words)

Notes:

1) Bases of jurisdiction are, at a minimum, the causing of U.S. clearing institutions to i) deal in property in which a Cuban has an interest (515.201(b)) and the export of services to Iran (560.204).

2) Given that neither TD nor Internaxx were "U.S. persons" (for the purposes of the ITSR) or "Persons Subject to the Jurisdiction of the United States" (CACR), there was no violation committed by the simple opening of accounts for the individuals deemed to at some point be resident in the sanctioned countries. The violations were only committed once transactions were processed through the U.S. on their behalf.

3) OFAC states that "between 2003 and 2008 Internaxx opened accounts for four customers who were either resident in Iran or Cuba at the time of account opening or who...