Wachovia Bank OFAC Settlement: $18.5K (2004)

Last updated: July 20, 2026

Wachovia Bank, on behalf of First Union Bank, settled a civil penalty of $18,470.30 for apparent violations of the Iranian Transactions Regulations. The conduct included operating a sub-account on behalf of an Iranian entity from 2000 to 2001, advising a letter of credit relating to Iran in 2001, and processing collection items from an Iranian bank in 2001. Wachovia Bank made a voluntary disclosure.

Penalty Amount

$18,470.30

Enforcement Date

June 4, 2004

Rank in Top Penalties

#429

Case Details

Type:: Entity
Name:: Wachovia Bank on behalf of First Union Bank
Country:: 🇺🇸 United States
Industry:: Banking
Address:: Philadelphia, PA 19109
Penalty amount:: $18,470.30
Egregious case:: Unknown
Voluntary self disclosure:: Yes
Case:: Settled
Violation period:: 2000 to 2001
Program:: Iran
Enforcement date:: June 4, 2004

Official Source Documents

This page summarizes an OFAC enforcement case based on the document archived below. SanctionsLookup assumes no liability for errors, omissions, or inaccuracies in the original documents, this summary, or any changes made to the source documents at any time.

Provided for informational purposes only and does not constitute legal or compliance advice. Always consult the source document directly rather than relying on this summary.

View archived version View on ofac.treasury.gov

Archived on June 13, 2026

SHA-256: 1ed29d328c6840ea91665f05adc2160776cc83d1308e0593dd213a83cff7915c