U.S. OFAC settlement agreements for violations of sanctions against Iran

Two separate settlements of $9.6 million and $31,000

Violations of sanctions against Iran

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today issued a release announcing two separate settlement agreements for apparent violations of sanctions against Iran.

  • A multinational conglomerate company agreed to remit approximately $9.6 million to settle its potential civil liability for 54 apparent violations of OFAC sanctions on Iran that arose from its subsidiary’s sale of reflective license plate sheeting to an Iranian entity controlled by the Iranian Law Enforcement Forces. OFAC determined that the apparent violations were egregious and were voluntarily self-disclosed. Read the enforcement release [PDF 185 KB]
  • A U.S. financial institution agreed to remit over $31,000 to settle its potential civil liability for apparent violations of sanctions against Iran.  For approximately 26 years, the company maintained a “Certificate of Deposit” account on behalf of two individuals ordinarily resident and located in Iran, for which it processed 30 transactions between June 2017 and March 2021 totaling over $91,000. The company had actual knowledge of the Iranian address and apparent location of the accountholders during that time.  OFAC determined that the conduct was non-egregious and voluntarily self-disclosed. Read the enforcement release [PDF 198 KB]


For more information, contact a professional with KPMG’s Trade & Customs services:

Doug Zuvich
Partner and Global Practice Leader
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
E: labad@kpmg.com

Irina Vaysfeld
Principal
E: ivaysfeld@kpmg.com

Amie Ahanchian
Principal
E: aahanchian@kpmg.com

Christopher Young
Principal
E: christopheryoung@kpmg.com

Gisele Belotto
Principal
E: gbelotto@kpmg.com

George Zaharatos
Principal
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
E: adoornaert@kpmg.com

Jessica Libby
Principal
E: jlibby@kpmg.com
John Anderson
Managing Director
E: johneanderson@kpmg.com
Jenna Leigh Glass
Managing Director
E: jennaleighglass@kpmg.com

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