All Iran articles – Page 2
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News Brief
Wells Fargo fined $98M for facilitating sanctions violations in Iran, Syria, Sudan
Wells Fargo will pay nearly $98 million to settle charges a subsidiary facilitated more than $532 million worth of prohibited transactions in violation of sanctions against Iran, Syria, and Sudan.
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News Brief
Danfoss to pay $4.4M in OFAC sanctions settlement
Danish manufacturer Danfoss agreed to pay nearly $4.4 million to settle allegations a subsidiary violated U.S. sanctions by running payments from customers based in Iran, Sudan, and Syria through the foreign branch of a U.S. financial institution.
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Article
Kraken to pay $362K over Iran sanctions screening lapses
Virtual currency exchange Kraken will pay a fine of approximately $362,159 to settle charges it violated U.S. sanctions against Iran, according to the Treasury Department’s Office of Foreign Assets Control.
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Article
FATF classifies Myanmar as high risk for money laundering, terrorist financing
The Financial Action Task Force designated Myanmar as a high-risk jurisdiction with “significant strategic deficiencies” regarding its anti-money laundering, countering the financing of terrorism, and financing of proliferation prevention efforts.
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Article
Bittrex to pay $29M for BSA violations in landmark FinCEN, OFAC case
Virtual currency trading platform Bittrex agreed to pay more than $29 million for violations of the Bank Secrecy Act and other foreign asset restrictions by regularly allowing transactions with customers in Iran, Syria, and other U.S.-sanctioned nations.
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Article
Tango Card to pay $116K for e-gift card sanction violations
Tango Card, a supplier and distributor of electronic rewards, agreed to pay approximately $116,000 as part of a settlement with the Office of Foreign Assets Control for apparent sanctions violations related to its issuance of e-gift cards.
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Article
Credit Agricole to pay $1.1M to settle sanctions violations by 2 subsidiaries
Paris-based Crédit Agricole Corporate and Investment Bank will pay a total of approximately $1.1 million to settle charges its subsidiaries violated U.S. sanctions in five sanctioned countries.
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Article
U.S. sanctions Iran intelligence ministry over Albania cyberattack
Iran’s minister of intelligence, together with its Ministry of Intelligence and Security, were sanctioned by the Treasury Department’s Office of Foreign Assets Control for malicious cyber activities that threaten the national security of the United States and its allies.
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Article
BIS charges Chinese cable giant with export control violations
The Commerce Department’s Bureau of Industry and Security charged China’s largest cable and wire manufacturer Far East Cable with export control violations related to its alleged dealings with telecommunications company ZTE to circumvent U.S. restrictions against Iran.
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Article
Toll Holdings to pay $6.1M for widespread sanctions violations
Toll Holdings, an international freight forwarding and logistics company, has agreed to remit more than $6.1 million as part of a settlement with the Office of Foreign Assets Control resolving nearly 3,000 apparent violations of Iran, North Korea, and Syria sanctions.
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Article
OFAC fines Payoneer $1.4M for sanctions violations
Money transfer services company Payoneer will pay $1.4 million to resolve 2,260 apparent violations of U.S. sanctions in a settlement with the Department of the Treasury’s Office of Foreign Assets Control.
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Article
Alfa Laval subsidiaries fined $430K for Iran sanctions violations
Dubai and U.S. subsidiaries of Swedish manufacturer Alfa Laval will settle OFAC charges they violated U.S. sanctions when they shipped storage tank cleaning units to an Iranian company.
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Article
SAP to pay over $8M for admitted Iran sanctions violations
German software company SAP SE agreed to pay more than $8 million in combined penalties issued by three U.S. agencies after admitting to committing numerous violations of sanctions against Iran.
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Article
Alliance Steel to pay $435K for Iran sanctions lapses
The Office of Foreign Assets Control announced a $435,003 settlement with manufacturer Alliance Steel for apparent sanctions violations related to the company’s importation of engineering services from Iran.
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Article
OFAC fines UniControl $216K for Iran sanctions violations
Ohio-based manufacturer UniControl will pay $216,464 for apparent U.S. sanctions violations that occurred when its European trade partners re-exported its products to Iran.
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Article
OFAC Director Andrea Gacki dishes advice on mitigating sanctions risk
OFAC Director Andrea Gacki shares insights about her organization’s latest sanctions enforcement priorities, its expectations of sanctions compliance programs, and how to mitigate sanctions risk.
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Article
BitPay fined $507K for digital currency sanctions violations
The Office of Foreign Assets Control reached a $507,375 settlement with digital currency platform BitPay for lapses in its sanctions compliance procedures that led to 2,102 apparent violations of multiple sanctions programs.
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Article
H.B. Fuller avoids fine in OFAC Iran sanctions probe
Adhesive manufacturing company H.B. Fuller said in a regulatory filing it received a “cautionary letter” from the Office of Foreign Assets Control concerning possible economic sanctions dealings in Iran.
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Article
OFAC targets Iran metals sector with new sanctions
The Department of the Treasury’s Office of Foreign Assets Control designated more than a dozen new sanctions aimed to impact the revenue production of the Iranian metals sector.
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Article
BitGo fined $99K for digital currency sanctions violations
The Office of Foreign Assets Control announced an approximately $99,000 settlement with digital asset platform BitGo for lapses in its sanctions compliance procedures that led to 183 apparent violations of multiple sanctions programs.
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