Italian company agrees to pay $538,000 for violations of U.S. OFAC sanctions on North Korea
Apparent violations were not voluntarily self-disclosed and non-egregious
Apparent violations were not voluntarily self-disclosed and non-egregious
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced that an animation company headquartered in Rome, Italy, has agreed to pay $538,000 to settle its potential civil liability for apparent violations of the North Korea Sanctions Regulations.
According to the OFAC enforcement release (June 26, 2024), between May 2019 and November 2021, the Italian company remitted just under $538,000 to a government of North Korea-owned studio in payment for outsourced animation work. In doing so, U.S. financial institutions processed wire transfers that contained the blocked property interests of the government of North Korea and to export financial services to North Korea.
The settlement amount reflects OFAC’s determination that the apparent violations were not voluntarily self-disclosed and non-egregious.
For more information, contact a professional with KPMG 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 |
| Jenna Leigh Glass Managing Director E: jennaleighglass@kpmg.com |
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