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GEICO General Insurance Company settled alleged violations of the Foreign Narcotics Kingpin Sanctions Regulations, remitting $11,000.00 to OFAC. OFAC alleged that GEICO provided an automobile insurance policy without an OFAC license to an individual named as a Specially Designated Narcotics Trafficker pursuant to the Foreign Narcotics Kingpin Designation Act, with the alleged violations occurring on or about September 2006 to June 2007.
Penalty Amount
$11,000.00
Enforcement Date
June 3, 2010
Rank in Top Penalties
#525
GEICO provided an automobile insurance policy without an OFAC license to an individual named as a Specially Designated Narcotics Trafficker ("SDNTK") pursuant to the Foreign Narcotics Kingpin Designation Act. The apparent violations involved the receipt of two premium payments totaling $2,265, occurring on or about September 2006 to June 2007.
OFAC determined that GEICO did not voluntarily disclose this matter to OFAC and that the apparent violations constituted a non-egregious case. The base penalty for the two apparent violations was $11,000, which equals the settlement amount.
GEICO does not screen its existing policyholders database for SDNs as the SDN list is updated but only on an annual basis. GEICO has committed to making improvements to remedy this gap in its OFAC compliance program.
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Archived on June 13, 2026
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