Arab Bank Settles Charges of Antiboycott Violations

The U.S. Department of Commerce today announced that Arab Bank Plc. (Arab Bank), of New York, has agreed to pay a $9,000 civil penalty to settle charges that it violated the antiboycott provisions of the Export Administration Regulations (EAR).

The Commerce Department’s Bureau of Industry and Security (BIS) charged that Arab Bank, in connection with a transaction involving the sale of goods to Oman, furnished prohibited information about another company’s business relationships in violation of the EAR. BIS also charged that Arab Bank failed to maintain records relating to a reportable boycott request.

The antiboycott provisions of the EAR prohibit U.S. persons from complying with certain requirements of unsanctioned foreign boycotts, including providing information about business relationships with another person who is known or believed to be restricted from having a business relationship with or in a boycotting country. In addition, the EAR requires that persons report their receipt of certain boycott requests to the Department of Commerce.

Assistant Secretary for Export Enforcement Julie L. Myers commended Compliance Officer Cathleen Ryan of BIS’s Office of Antiboycott Compliance, for her work on this case.