- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-12-03T21:32:00
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
The settlement agreement between Aiotec and the U.S. Treasury Department’s Office of Foreign Assets Control, which was announced Tuesday but signed Nov. 7 by OFAC, stipulated that nearly $10 million of the settlement total be used to hire a sanctions compliance officer and implement a sanctions compliance program over seven years. Aiotec will have to submit an itemized compliance program budget to OFAC each year and have its compliance program audited annually by an independent third party.
OFAC noted the violation was egregious and not self-disclosed. Aiotec did not respond to a request for comment. The agency did not name the U.S. company.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
A Minnesota transportation company agreed to pay nearly $258,000 to settle allegations that a subsidiaries violated sanctions against Cuba and Iran more than 80 times, the U.S. Treasury Department’s Office of Foreign Assets Control said.
Data brokers have been getting away with selling Americans’ personal and financial data without adequate protections, an illegal practice that a new rule proposed by the Consumer Financial Protection Bureau will intend to stop, CFPB Director Rohit Chopra said.
A subsidiary of MetLife will pay more than $178,000 for violating U.S. sanctions on Iran when it provided insurance policies to entities in the United Arab Emirates owned or controlled by Iran.
The Financial Industry Regulatory Authority issued fines against four large banks to end 2024, all for different alleged misconduct, but all related to the firms’ failures to implement a supervisory system reasonably designed to achieve compliance with FINRA rules.
An alleged software mastermind of the notorious LockBit ransomware group will soon be extradited to the United States to stand trial on charges that his criminal enterprise extorted at least half a billion dollars from victims worldwide, including U.S. businesses and hospitals, the Department of Justice (DOJ), said.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
