“One of the best investments we’ve ever made. It helps us avoid dealing with unauthorized parties, and the dire consequences of an OFAC violation.”

DIRECTOR OF GLOBAL COMPLIANCE, INSTRUMENTATION, COLUMBUS

From FY 2008 to 2018, in addition to prosecutions, OFAC investigations have resulted in settlements with businesses for a total of more than $2,780,000,000. Yes, that is $2.7 BILLION!

Here is a selection of OFAC settlement agreements.

2018

    • The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a $145,893 settlement agreement with Ericsson, Inc. (“EUS”) of Plano, Texas and Ericsson, AB (“EAB”) of Stockholm, Sweden. EUS and EAB agreed to settle their potential civil liability for an apparent violation of the Sudanese Sanctions Regulations. The apparent violation involved employees of EUS and EAB conspiring together and with employees of a third company to export and reexport a satellite hub from the United States to Sudan and to export and reexport satellite-related services from the United States to Sudan.  https://www.treasury.gov/resource-center/sanctions/CivPen/Documents/20180606_ericsson_settlement.pdf

2017

    • CSE TransTel Pte. Ltd. (“TransTel”), a wholly-owned subsidiary of the international technology group CSE Global Limited, both of which are located in Singapore, has agreed to pay $12,027,066 to settle its potential civil liability for 104 apparent violations of the International Emergency Economic Powers Act and the Iranian Transactions and Sanctions Regulations. https://www.treasury.gov/resource-center/sanctions/CivPen/Documents/transtel_settlement.pdf
    • As part of a combined $1.192 billion resolution, pending court approval, with federal agencies, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a $100,871,266 settlement agreement with Zhongxing Telecommunications Equipment Corporation and its subsidiaries and affiliates, as well as with ZTE Kangxun Telecommunications Ltd. and its subsidiaries and affiliates (collectively referred to as “ZTE”), to settle ZTE’s potential liability for apparent violations of the Iranian Transactions and Sanctions Regulations. https://www.treasury.gov/resource-center/sanctions/CivPen/Documents/20170307_zte_settlement.pdf

2016

2015

2014

2013

2012

2011

2010

For more information about Visual OFAC solutions can help you avoid being in a position to have to pay an OFAC settlement

To learn more, call (716) 881-2590 and talk to one of our compliance consultants. Or contact us by email.

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