American International Group (AIG) is the latest insurer to be penalised for violating US sanctions, including providing cover for cargo carried on Islamic Republic of Iran Shipping Lines (IRISL) vessels.
It agreed last week to pay $148,698 to settle 555 sanctions violations arising from its cargo insurance activities between 2007 and 2012.
Few specific details of the violations and the settlement with the US Treasury’s Office of Foreign Assets Control have been disclosed but 33 involved shipments on IRISL vessels subject to the Weapons of Mass Destruction Proliferators Sanctions Regulations.
