U.S. cosmetics company and senior executive agree to settle violations of Iranian sanctions
Settlement agreements related to apparent violations of the Iranian Transactions and Sanctions Regulations
Settlement agreements related to apparent violations of the Iranian Transactions and Sanct
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced settlement agreements between OFAC and a U.S. cosmetics company and with a former senior executive of the cosmetics company related to apparent violations of the Iranian Transactions and Sanctions Regulations.
According to the OFAC release:
- The cosmetics company agreed to pay over $3.3 million to settle its potential civil liability for one apparent violation of OFAC sanctions on Iran arising from an apparent conspiracy to export goods from the United States to Iran between 2009 and 2018. OFAC determined that the apparent violation was egregious, and voluntarily self-disclosed.
- A former senior company executive separately agreed to pay $175,000 to settle their potential civil liability for three apparent violations of OFAC’s Iran sanctions that occurred between 2016 and 2017 when the individual appeared to have caused the company to export or reexport consumer goods to Iran and engaged in dealings related to the export or reexport of goods to Iran. OFAC determined that the U.S. person’s apparent violations were egregious, and not voluntarily self-disclosed.
Read the web notice [PDF 307 KB] and settlement agreement [PDF 268 KB]
For more information, contact a professional with KPMG’s Trade & Customs services:
Doug Zuvich |
John L. McLoughlin |
Andy Siciliano |
Steve Brotherton |
Luis (Lou) Abad |
Irina Vaysfeld |
Amie Ahanchian |
Christopher Young |
Gisele Belotto |
George Zaharatos |
Andy Doornaert |
Jessica Libby Principal E: jlibby@kpmg.com |
| John Anderson Managing Director E: johneanderson@kpmg.com |
Jenna Leigh Glass Managing Director E: jennaleighglass@kpmg.com |
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.