Apparent violations of Iranian Transactions and Sanctions Regulations
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a $178,421 settlement with a Delaware-based insurance company for potential civil liability related to apparent violations of Iranian Transactions and Sanctions Regulations. Read the OFAC release
As explained in the enforcement release (November 14, 2024), between February 2022 and August 2023, the company issued insurance policies, collected premiums, and paid claims to entities in the UAE owned or controlled by the government of Iran. The violations involved 2,331 premiums and claims totaling $446,077.
The settlement reflects OFAC's determination that the violations were non-egregious and voluntarily self-disclosed. The company has since implemented enhanced compliance measures and cooperated with OFAC's investigation.