- 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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