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Treasury Reaches Settlement with Commerzbank Over Sanctions Violations
March 13, 2015 |Treasury Dept.

Commerzbank will pay the Treasury Department $257 million as part of a settlement over sanctions violations, Treasury’s Office of Foreign Assets Control said (here). The bank hid transactions to Iranian financial institutions, and routed such transactions through the U.S. from 2005-2010, said OFAC. The firm violated several sanctions regimes, the agency said.

TTB Upgrades Online Permitting System
February 13, 2015 |Treasury Dept.

The Alcohol and Tobacco Tax and Trade Bureau announced on Feb. 12 the release of the latest version of its Permits Online system, in a press release (here). With release 4.1, “you can now electronically do everything that you need to do to submit original permit applications,” said TTB. New features include cash bond payments and the ability to add a new user with signing authority to an account to allow an alternate person to handle a submitted application, it said. Users will also now be able to view and print a summary report that lists all of the data contained in an online application, said TTB.

TTB Posts FAQ on Cider Labeling, Tax and Import Requirements
February 4, 2015 |Treasury Dept.

The Alcohol and Tobacco Tax and Trade Bureau recently posted to its website a new set of frequently asked questions on cider (here). The FAQ says cider and hard cider refer to wine fermented from apples. As a type of wine, bottlers of cider with over 7 percent alcohol content must get a certificate of label approval (COLA) from TTB before bottling. The FAQ also discusses labeling requirements, including for wines derived from a mix of apples and other fruits, taxes, and import requirements.