- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-05-20T17:48:00
Flex disclosed in a public filing the Treasury Department’s Office of Foreign Assets Control (OFAC) is taking no action into potential sanctions violations the global manufacturer voluntarily self-disclosed in 2019.
In its annual report Friday, Flex said it self-disclosed to OFAC “possible noncompliance with U.S. economic sanctions requirements among certain non-U.S. Flex-affiliated operations” in February 2019. The company received a no-action letter from OFAC in February that the probe had been closed without further action.
The company further disclosed in September 2020 it made a submission to OFAC that completed its voluntary disclosure based on the results of an internal investigation.
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IT services company DXC Technology disclosed it received word from the Office of Foreign Assets Control and Bureau of Industry and Security that it won’t be penalized regarding potential Russian sanctions/export control violations it voluntarily self-disclosed in 2022.
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Despite its reputation as a fierce enforcer of sanctions, the Office of Foreign Assets Control has a softer side and wants to help companies that are hit with ransomware attacks, according to the agency’s senior compliance officer.
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