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You are subscribed to Civil Penalties Information and/or Office of Foreign Assets Control (OFAC) Recent Actions updates for the U.S. Department of the Treasury.
New information on OFAC Civil Penalties and Enforcement Information is now available.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a $14,550,000 settlement with Aiotec GmbH ("Aiotec"). Aiotec, a Berlin, Germany-headquartered company that sources industrial equipment for the energy sector, has agreed to settle its potential civil liability for one apparent violation of the Iranian Transactions and Sanctions Regulations (ITSR). This apparent violation of the ITSR arose from Aiotec's participation in a conspiracy between 2015 and 2019 to cause a U.S. company to indirectly sell and supply an Australian polypropylene plant to Iran, and remit payments for the sale of the plant through U.S. financial institutions. This settlement amount reflects OFAC's determination that Aiotec's conduct was not voluntarily self-disclosed and constituted an egregious case.
For more information, please visit the following web notice, and settlement agreement.
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