MetLife's Sanctions Settlement: A Historic Compliance Move

MetLife's American Life Insurance Co has settled with the U.S. Treasury for $178,421 over 2,300 violations of sanctions against Iran, primarily involving insurance provided to UAE entities controlled by Iran. Despite the infractions, they were considered non-egregious and self-disclosed.

The U.S. Treasury Department announced that American Life Insurance Co, a unit of New York-based MetLife, agreed to pay a settlement of $178,421 over potential civil liability for more than 2,300 apparent violations of sanctions against Iran.

The infractions related to insurance policies offered to United Arab Emirates-based entities, owned or controlled by the Iranian government, as detailed by the Treasury's Office of Foreign Assets Control.

While the violations were considered voluntarily disclosed and non-egregious, they underline the comprehensive U.S. sanctions that restrict nearly all trade with Iran, reflecting the prolonged tensions between the two countries.

(With inputs from agencies.)