The Office of Foreign Assets Control within the US Department of Treasury slapped National Australia Bank with a fine of US100,000 for facilitating transactions of around US$3 million for customers with business in Cuba, Burma and Sudan.
The Herald Sun reported that In an enforcement statement issued on its website this week, OFAC stated that NAB's alleged violations occurred between November 2003 and December 2005.
Some of the transactions were processed through NAB's New York branch, although the majority were processed through correspondent accounts held by the group at other US banks.
NAB voluntarily disclosed the breaches to OFAC, the newspaper reported.
ANZ earlier this year said it would cease to assist in trade finance with Cuba, Sudan and Iran after also failing to adhere to US regulations on trade with these countries where the transaction was undertaken in US dollars.