MetLife Takes Sanctions Compliance ‘Seriously,’ Firm Says ​​After OFAC Penalty

MetLife is “pleased” to have reached a settlement with the Office of Foreign Assets Control that resulted in a $178,421 penalty for alleged sanctions violations by its subsidiary, American Life Insurance Company (see 2411140052), a MetLife spokesperson emailed Nov. 14. The spokesperson added that the insurance company holds itself to “the highest professional and ethical standard.”

“We take our sanctions compliance obligations seriously and, upon becoming aware of the matter, followed all applicable steps under U.S. sanctions regulations by making a voluntary disclosure about the matter,” the person said. The subsidiary allegedly violated U.S. sanctions by maintaining insurance policies for entities controlled by the Iranian government.