OFAC: Settlement Agreement for Iran Sanction Violations
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a $259,200 settlement with IPSA International Services, Inc. (IPSA) of Phoenix, Arizona. IPSA agreed to settle its potential civil liability for 72 apparent violations of the Iranian Transactions and Sanctions Regulations. The apparent violations involve, on 44 separate occasions, IPSA’s importation of Iranian-origin services into the United States, and on 28 separate occasions, IPSA’s engagement in transactions or dealings related to Iranian-origin services by approving and facilitating its foreign subsidiaries’ payments to providers of Iranian-origin services.
OFAC determined that IPSA did not voluntarily disclose the apparent violations, and that the apparent violations constitute a non-egregious case. The total transaction value of the apparent violations was $290,784. The statutory maximum civil penalty amount in this case was $18,000,000, and the base civil penalty amount was $720,000.
To read more: Resource Center & OFAC
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