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Two CUs, One Corporate Cited by OFAC for Trading with the Enemy

WASHINGTON-Treasury's Office of Foreign Asset Control cited three credit unions in February for violations of the Trading with the Enemy Act, according to OFAC's monthly Civil Penalties Enforcement Information Report. OFAC reached a settlement with Paragon Federal Credit Union, located in Township of Washington, N.J., for $3,850 for a 2002...

By Staff Writer | Updated on March 16, 2004

WASHINGTON-Treasury’s Office of Foreign Asset Control cited three credit unions in February for violations of the Trading with the Enemy Act, according to OFAC’s monthly Civil Penalties Enforcement Information Report. OFAC reached a settlement with Paragon Federal Credit Union, located in Township of Washington, N.J., for $3,850 for a 2002 funds transfer to Cuba. Southeast Corporate Federal Credit Union in Tallahassee, Fla. also settled with OFAC for the same violation but for $850. Finally, OFAC settled with Miami’s University Credit Union for $1,275 for a 2002 funds transfer to Cuba. OFAC does not discuss the details of TWEA violations.

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