American Life Insurance to Pay $178,000 for Potential Violation of Iran Sanctions

The U.S. Department of the Treasury announced that American Life Insurance has agreed to pay over $178,000 in connection with its civil liability regarding potential violations of sanctions against Iran. On Thursday, November 24, the department stated that American Life, an insurance company affiliated with the American holding company MetLife, accepted to pay $178,421 related to more than 2,300 potential violations of sanctions against Iran. According to the U.S. Treasury, the violations pertain to insurance sold by this company to entities controlled by the Iranian government in the United Arab Emirates. The report indicates that the amount set for payment suggests the department determined that the violations were voluntarily reported by American Life and were not considered serious. U.S. sanctions against Iran encompass nearly all commercial transactions with Iran, block the Islamic Republic's assets in the United States, and prohibit foreign aid and the sale of American weapons to Iran. The U.S. also sanctioned a network linked to the Quds Force's oil sales. Additionally, the Treasury announced the sanctioning of 26 individuals, companies, and vessels belonging to Hossam Qatarchi, a Syrian businessman associated with the transfer of funds from the Quds Force's smuggled oil to China and Syria and financing the Houthis.