DANISH MULTINATIONAL COMPANY DANFOSS A/S CIVIL SETTLEMENT WITH OFAC IN RESPECT OF APPARENT VIOLATIONS OF MULTIPLE OFAC SANCTIONS PROGRAMS, INCLUDING IRAN, SYRIA, AND SUDAN

On 30 December, OFAC advised that, from 2013 to 2017, Danfoss’s wholly owned UAE subsidiary, Danfoss FZCO routed payments from customers in Iran, Syria, and Sudan to its bank accounts in the UAE, including one branch of US bank.  Danfoss agreed to remit $4,379,810 to settle its potential civil liability for 225 apparent violations.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20221230_33

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

One thought on “DANISH MULTINATIONAL COMPANY DANFOSS A/S CIVIL SETTLEMENT WITH OFAC IN RESPECT OF APPARENT VIOLATIONS OF MULTIPLE OFAC SANCTIONS PROGRAMS, INCLUDING IRAN, SYRIA, AND SUDAN”

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