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:
John L. McLoughlin
Luis (Lou) Abad
|Jenna Leigh Glass
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