Danish company agrees to settle violations of Iranian, Syrian and Sudanese sanctions
A settlement with a Danish company of potential civil liability for apparent violations of Iranian, Syrian and Sudanese sanctions
Danish company agrees to settle violations of Iranian, Syrian and Sudanese sanctions
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced a settlement with a Danish company of potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations, the Syrian Sanctions Regulations, and the Sudanese Sanctions Regulations.
According to the OFAC release [PDF 155 KB], the company—that manufactures and sells refrigeration and other cooling products—agreed to remit $4,379,810 to settle 225 apparent violations that occurred when the company’s wholly owned United Arab Emirates (UAE)-based subsidiary, directed customers in Iran, Syria, and Sudan to make payments to its bank account at the UAE branch of a U.S. financial institution. The settlement amount reflects OFAC's determination that the company's apparent violations were non-egregious and not voluntarily self-disclosed.
For more information, contact a professional with KPMG’s Trade & Customs services:
Doug Zuvich |
John L. McLoughlin |
Andy Siciliano |
Steve Brotherton |
Luis (Lou) Abad |
Irina Vaysfeld |
Amie Ahanchian |
Christopher Young |
Gisele Belotto |
George Zaharatos |
Andy Doornaert |
Jessica Libby Principal E: jlibby@kpmg.com |
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