U.S. company settles Iranian sanction violations - KPMG Global
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U.S. company settles Iranian sanction violations by its Turkish affiliate

U.S. company settles Iranian sanction violations

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced that a Virginia company agreed to pay over $13,000 to settle its potential civil liability on behalf of its Turkish affiliate for six apparent violations of the Iranian sanction regulations.

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According to the OFAC release [PDF 26 KB], the apparent violations involved the Turkish affiliate dispatching employees to Iran to service machines and providing other services to Iran. 

The facts revealed that on acquiring the Turkish affiliate in 2013, the U.S. company put into place a compliance program so that the Turkish entity would not violate U.S. regulations. However, despite these efforts, the Turkish company “willfully” violated the U.S. sanction regulations on trade with Iran during the period July 2013 through July 2015.

On discovering these violations, the U.S. company voluntarily self-disclosed them to the OFAC on behalf of its Turkish affiliate. The OFAC concluded that the apparent violations constituted a non-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
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E: dzuvich@kpmg.com

John L. McLoughlin
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Andy Siciliano
Partner and National Practice Leader
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E: asiciliano@kpmg.com

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

Irina Vaysfeld
Principal
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E: ivaysfeld@kpmg.com

Amie Ahanchian
Managing Director
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E: aahanchian@kpmg.com

Robert Waldrop
Principal
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E: rwaldrop@kpmg.com

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

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

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

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

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

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