Romanian lender First Bank and its US private equity owner JC Flowers will pay just over US$860,000 to settle US allegations they processed almost 100 payments, including trade finance transactions, in violation of sanctions against Syria and Iran. First Bank showed a “reckless disregard” for Washington’s sanctions regime and did not understand that the scope of US sanctions extends to banks without a physical presence in the US, according to an August 27 statement from the US Office of Foreign