Clearstream Lux zahlt an US-Treasury ca 152 Mio USD um Sanktionsverstösse im Zusammenhang mit Iran zu settlen....

IA-673090

SETTLEMENT AGREEMENT

This Settlement Agreement (the “Agreement”) is made by and between the U.S.
Department of the Treasury’s Office of Foreign Assets Control and Clearstream Banking, S.A.


I. PARTIES

1. The Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the
Treasury administers and enforces economic sanctions against targeted foreign countries,
regimes, terrorists, international narcotics traffickers, and persons engaged in activities related to
the proliferation of weapons of mass destruction, among others. OFAC acts under Presidential
national emergency authorities, as well as authority granted by specific legislation, to impose
controls on transactions and freeze assets under U.S. jurisdiction.

2. Clearstream Banking, S.A. (“Clearstream”) is a financial institution registered and
organized under the laws of Luxembourg.


II. FACTUAL STATEMENT

3. Following a request for information from OFAC, Clearstream met with OFAC in
late 2007 and early 2008 to discuss accounts it maintained in Luxembourg for Iranian entities.
One such account was ultimately identified as an account for the Central Bank of Iran (“CBI”).

4. Securities entitlements held in the CBI’s account at Clearstream at that time
included entitlements related to securities held in the United States. Specifically, Clearstream
held interests in 26 corporate and sovereign bonds in its omnibus account at a U.S. financial
institution in New York in which the CBI had a beneficial ownership interest, with a total
nominal value of $2.813 billion. Central securities depositories in the United States served as the
ultimate place of safekeeping for these securities.

5. Clearstream, as intermediary, exported custody and related services from the
United States to the CBI with respect to the 26 securities described above. Clearstream served as
the channel through which the CBI was able to hold an interest in these securities, as well as to
transfer or sell those interests at a later date.

6. During its initial meeting with OFAC in December 2007, Clearstream stated that
its Executive Board made the decision in October 2007 to close all accounts that it maintained

http://www.treasury.gov/resource-center/sanctions/civpen/documents/20140123_clearstream_settle.pdf