UAE Policy Sales to Iran Entities Trips Insurer

Treasury's Office of Foreign Assets Control (OFAC) today announced a $178,421 settlement with American Life Insurance Company (ALICO), a subsidiary of MetLife, Inc. While Snoopy may no longer shill for the insurer, persistent compliance personnel kept an over-eager sales agent from creating greater consequences.

ALICO agreed to settle its potential civil liability for 2,331 apparent violations of OFAC sanctions on Iran. The apparent violations related to insurance policies provided to entities in the United Arab Emirates that were owned or controlled by the Government of Iran.

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