MetLife Settles Sanctions Violations with Treasury

MetLife's unit, American Life Insurance Company, agreed to a settlement with the U.S. Treasury Department for over 2,300 apparent sanctions violations against Iran, resulting in a $178,421 fine.

In a significant move, the U.S. Treasury Department announced on Thursday that New York-based insurer MetLife's subsidiary, American Life Insurance Company, has agreed to settle potential civil liabilities.

The case involves over 2,300 apparent violations of U.S. sanctions imposed on Iran. The Treasury Department's Office of Foreign Assets Control (OFAC) has been actively pursuing such cases to ensure the enforcement of its regulations.

The settlement reached with MetLife's unit amounts to $178,421, underscoring the importance of compliance in international financial operations. This resolution comes as part of ongoing efforts to curtail sanctions evasion.

(With inputs from agencies.)