WASHINGTON -- The U.S. Department of Commerce today imposed a $5,000 civil penalty on Deutsche Bank AG, a New York branch of Deutsche Bank AG of Germany, to settle allegations that it committed one violation of the antiboycott provisions of the Export Administration Regulations, Commerce Department Assistant Secretary for Export Enforcement, F. Amanda DeBusk, announced.
The Department alleged that in a 1998 transaction with Lebanon, Deutsche Bank AG paid a letter of credit that contained a condition stating that the goods covered by the letter of credit contained no Israeli materials. Furnishing such a certificate is prohibited by the Regulations. Paying, or otherwise implementing, a letter of credit which contains a condition or requirement with which a U.S. person is prohibited from complying violates the Regulations.
While neither admitting nor denying the allegations, Deutsche Bank AG agreed to pay the civil penalty. Deutsche Bank AG voluntarily disclosed the transaction to OAC.
The antiboycott provisions prohibit U.S. companies and individuals from complying with certain aspects of unsanctioned foreign boycotts against any country friendly to the United States that is not itself the object of any U.S. boycotts. Through its Office of Antiboycott Compliance, the Commerce Department investigates alleged violations, provides support in administrative or criminal litigation of cases, and prepares cases for settlement.
In April of 2002 the Bureau of Export Administration (BXA) changed its name to the Bureau of Industry and Security(BIS). For historical purposes we have not changed the references to BXA in the legacy documents found in the Archived Press and Public Information.