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U.S. company agrees to settle Iran sanctions violations by foreign subsidiaries

U.S. company agrees to settle Iran sanctions violations

The U.S. Treasury Department, Office of Foreign Assets Control (OFAC), today announced that a U.S. company (a cookware coating manufacturer) agreed to pay approximately $824,500 to settle approximately 75 violations of the Iranian sanctions regulations.

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According to the OFAC release [PDF 60 KB], between November 2012 and December 2015, the U.S. company’s foreign subsidiaries sold coatings intended for customers in Iran and engaged in other trade-related transactions with Iran despite changes to OFAC’s Iran sanctions program that prohibited such transactions. Additionally, U.S. employees of the U.S. company oversaw and provided instructions relating to some of these sales.

The U.S. company voluntarily self-disclosed the apparent violations and OFAC determined that these violations constituted an “egregious case.”


For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:

Doug Zuvich
Partner and Global Practice Leader
T: 312-665-1022
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
T: 267-256-2614
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
T: 631-425-6057
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
T: 415-963-7861
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
T: 212-954-3094
E: labad@kpmg.com

Irina Vaysfeld
Principal
T: 212-872-2973
E: ivaysfeld@kpmg.com

Amie Ahanchian
Principal
T: 202-533-3247
E: aahanchian@kpmg.com

Christopher Young
Principal
T: 312-665-3229
E: christopheryoung@kpmg.com

Gisele Belotto
Managing Director
T: 305-913-2779
E: gbelotto@kpmg.com

George Zaharatos
Principal
T: 404-222-3292
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
T: 313-230-3080
E: adoornaert@kpmg.com

Jessica Libby
Managing Director
T: 612-305-5533
E: jlibby@kpmg.com

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