X

HVAC Company Settles OFAC Charges for Sanctions Violations

A multinational HVAC manufacturer settled OFAC charges for violating multiple sanctions regulations and the International Emergency Economic Powers Act.

As detailed in an OFAC enforcement release, the company directed customers in sanctioned jurisdictions, including Iran, Sudan and Syria, to make payments using third-party payment services to disguise the originator and beneficiary of the transactions. OFAC said that the misconduct was a result of deficiencies in the company's global sanctions compliance program.

The exchange agreed to remit $4,379,810 to settle "potential civil liability for 225 apparent violations of multiple OFAC sanctions programs." OFAC said that it was aware of the violations prior to the company disclosing the information. As a result, the company's disclosure to OFAC did not qualify as voluntary self-disclosure.

Primary Sources

  1. OFAC Enforcement Release: OFAC Settles with Danfoss A/S for $4,379,810 Related to Apparent Violations of the Iran, Syria, and Sudan Sanctions Programs
  2. OFAC Recent Action: Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and Danfoss A/S

Premium Content

Available only to Premium subscribers.

 

Join Premium

US Regulatory Intelligence combines regulatory and enforcement news, analysis, and practical work tools on an easy-to-use digital platform.

Request a Free Trial

Tags

Regulated Activities
Sanctions Compliance
Sub-Activity
Sanctions Based on Country
Body of Law
Sanctions
Jurisdiction
US - Federal
Organization
Treasury / FinCEN / OFAC / CFIUS
Sub-Author
OFAC