NEWS

Belgium-based credit card company's Settlement with OFAC


The US Department of Treasury's OFAC imposed a settlement amount on the financial firm American Express Company (Amex) for a value of 204,277 dollars. This action was taken in regard to the violations of the regulations of the embargo on Havana.

BCCC is a Belgium-based credit card is a company that issues credit cards and corporate services to customers based in Europe. "At the time of the apparent violations, BCCC was a subsidiary of the Alpha Card Group, which in turn was 50% owned by Amex, a United States financial institution,"

From 2009 to 2014, BCCC had issued enormous number of credit card to its corporate clients who used to make purchases in Cuba. Between those dates, the Belgian firm processed 1,818 apparent violations of the Cuban Assets Control Regulations, 31 C.F.R. part 515 (CACR) and CACR is also a part of Specially Designated Nationals And Blocked Persons List (SDN).

For complete official document, click here.

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