OFAC fines against US companies announced

FROM A
DIFFERENT ANGLE by Kenneth Rijock

Financial Crime Consultant, for World-Check

15 January 2008

The Office of Foreign Assets Control, or OFAC, has again published a list of recent fines levied against US firms found to be in violation of its regulations. World-Check regularly details this information on these pages to identify the companies involved.

The companies fined and the circumstances of each:

Zimmer Dental Inc/Centerpulse Dental Inc; $ 82,850 for violation of Iranian Transactions Regulations. Exports to Iran without an OFAC license.

BB&T; $10,000 fine for permitting an ACH debit against an account held for a SDGT.

Colonial Navigation Co. Inc.; $6,000 fine for Iranian Regulations violations. Facilitation if transaction by foreign person which would be a prohibited transaction if performed by a US person attempting to transfer funds to an Iranian port agent.

Medcraft Indistries Inc.; $3000 fine for a trade-related transaction involving export of goods to Iran.

Millipore Corporation Inc; $1000 fine for Iranian violations. Exporting scientific samples to Iran without an OFAC license.

Voipescrow Inc; $ 750 fine for Iranian violation. Attempt to transfer funds to Iran in connection with a prepaid calling card.

Diversified Business Communications; $ 5500 fine for Iranian violation. booth space booking arrangements where a conference was located in Iran.

The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.

PREV | NEXT

Print Article

Email Article

Contact Kenneth

Subscribe to Newsletter

PRODUCT INFORMATION

World-Check Overview

COMPLIANCE OVERVIEW

Regulatory Compliance Overview

Understanding Money Laundering

KYC Compliance Overview

AML Compliance Overview

PEP Compliance Overview

CFT Compliance Information

FCPA Compliance Overview

NEWSWIRE

Read the full press release here.

World-Check‟s vessel screening research unit profiled 17 of the 27 vessels allegedly connected to Iran‟s nuclear and missile programs many months ahead of their inclusion on published government lists...more

Read World-Check's Robert Mitchell and David Leppan commentary on corporate fraud in Business Ethics in the Times supplement 18 May 2010. ...more

How will the UK Bribery Act affect your business? FCPA and anti-corruption compliance specialist Michael Osajda explains in detail. Watch the video...more

World-Check has reported another year of exceptional growth, bringing its client base to over 4,500 organisations. A combination of outstanding client service, new products and global execution has at...more

More Newswires

ARTICLE ARCHIVE

Make this my homepage

Bookmark

RSS Feeds

Top