Company: BPOPM
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001193125-25-043848
Chunk: 56

Company: POPULAR, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1A
Chunk 56
---

and comprehensive anti-money
laundering programs, scrutinize
or altogether prohibit
certain transactions 
of special concern, and be prepared to respond to inquiries from U.S.
law enforcement agencies concerning our customers and
their 
transactions. Failure
by the
Corporation, its
subsidiaries, affiliates
or
third-party service
providers to
comply with
these
laws
and 
regulations
could
have
serious
legal
and
reputational
consequences
for
the
Corporation,
including
the
possibility
of
regulatory 
enforcement
or
other
legal
action,
including
significant
civil
and
criminal
penalties.
We
also
incur
higher
costs
and
face
greater 
compliance risks in
structuring and operating
our businesses to comply
with these requirements. The
markets in which
we operate 
heighten these costs and risks. 
We have established risk-based policies and procedures and employed software designed to
assist us and our personnel 
in complying
with these
applicable laws
and regulations.
Even if
the appropriate
controls are
in place,
there can
be no
assurance 
that
our
policies
and
procedures will
prevent
us
from
blocking
and
rejecting
all
applicable
transactions
of
our
customers
or
our 
customers’ customers
that may
involve a
sanctioned person,
government or
country.
Any failure
to detect
and prevent
any such 
transaction
could
result
in
a
violation
of
applicable
laws
and
regulations
and
adversely
affect
our
reputation,
business,
financial 
condition and results of operations. 
From time
to time
we have
identified and
voluntarily self-disclosed
to OFAC
transactions that
were not
timely identified, 
blocked
or
rejected
by
our
policies,
controls
and
procedures
for
screening
transactions
that
might
violate
the
regulations
and 
economic and
trade sanctions
programs administered
by OFAC.
For example,
during the
second quarter
of 2022,
BPPR entered 
into
a
settlement
agreement
with
OFAC
with
respect
to
c