BIS Imposes $22,000 Antiboycott Penalty on National Bank of Egypt
The Bureau of Industry and Security (BIS) has imposed a $22,000 civil penalty on the National Bank of Egypt's New York Branch (NBE) for violating the antiboycott regulations. Specifically, BIS alleged that the NBE committed four violations of the antiboycott regulations by providing commercial invoices to a trading company in Syria that contained prohibited negative certificate of origin clauses. In addition, BIS charged NBE with four additional violations for failing to maintain records for five years. The proposed charging letter, settlement agreement and order can be found here.
The warning letters issued during 2006 by the Office of Antiboycott Compliance can be at the following link.
|posted by Douglas N. Jacobson| Permalink 
