MetLife Takes Sanctions Compliance ‘Seriously,’ Firm Says After OFAC Penalty
MetLife is “pleased” to have reached a settlement with the Office of Foreign Assets Control that resulted in a $178,421 penalty for alleged sanctions violations by its subsidiary, American Life Insurance Company (see 2411140052), a MetLife spokesperson emailed Nov. 14. The spokesperson added that the insurance company holds itself to “the highest professional and ethical standard.”
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“We take our sanctions compliance obligations seriously and, upon becoming aware of the matter, followed all applicable steps under U.S. sanctions regulations by making a voluntary disclosure about the matter,” the person said. The subsidiary allegedly violated U.S. sanctions by maintaining insurance policies for entities controlled by the Iranian government.