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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-05-19T15:16:00
California-based cosmetics company Murad agreed to pay $3.3 million as part of a settlement with the Treasury Department’s Office of Foreign Assets Control (OFAC) addressing apparent Iran sanctions violations over an eight-year period.
In December 2009, Murad entered into an exclusive agreement with an unnamed Iranian distributor to sell the company’s products in the Middle East, including Iran, OFAC explained in its enforcement release Wednesday. The scheme continued until January 2018 and was largely driven by the alleged misconduct of senior executives at the company.
One unnamed former senior executive at Murad separately agreed to pay $175,000 to settle their potential civil liability for three apparent violations of Iran sanctions arising from their role as a manager at the company, according to OFAC. The individual’s actions occurred between June 2016 and September 2017 and were not voluntarily disclosed, the regulator noted.
Unilever, which acquired Murad in 2015, tried to stop the alleged scheme on multiple occasions, according to OFAC. The company voluntarily self-disclosed the apparent violations to the regulator, which determined the case to be “egregious.”
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2023-08-17T20:11:00Z By Jeff Dale
Construction Specialties agreed to pay more than $660,000 in a settlement with the Office of Foreign Assets Control regarding three apparent sanctions violations in Iran carried out by “rogue employees” of its Middle Eastern affiliate.
2023-08-16T16:32:00Z By Jeff Dale
Neogen Corp. disclosed the Office of Foreign Assets Control concluded a probe into potential sanctions violations regarding transactions by the food and animal safety company with parties in Iran without issuing a fine.
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The United States once again ratcheted up sanctions against Russia in an attempt to further choke off the funds and military supplies the country is using in its war against Ukraine.
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Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
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A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor over $1 trillion worth of customer transactions.
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