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US says MetLife unit reached settlement over Iran sanctions violations
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US says MetLife unit reached settlement over Iran sanctions violations
Nov 15, 2024 11:59 AM

WASHINGTON, Nov 14 (Reuters) - The U.S. Treasury

Department said on Thursday that New York-based insurer

MetLife's ( MET ) unit, American Life Insurance Co, agreed to

settle its potential civil liability for over 2,300 apparent

violations of sanctions against Iran.

The Treasury's Office of Foreign Assets Control announced a

$178,421 settlement with the MetLife ( MET ) unit.

The apparent violations related to insurance policies

provided to entities in the United Arab Emirates that were owned

or controlled by the government of Iran, the Treasury Department

added.

The settlement amount reflected OFAC's determination that

the apparent violations were voluntarily self-disclosed and were

not egregious, the department added.

Washington's sanctions on Iran ban nearly all U.S. trade

with the country, block the Iranian government's assets in the

United States and prohibit U.S. foreign assistance and arms

sales, according to the Congressional Research Service. The U.S.

and Iran have had tense relations for decades.

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