OFAC Announces Penalty for Iran Sanctions Violations
The Treasury Department’s Office of Foreign Assets Control (OFAC) announced on Oct. 21 the assessment of a $1.5 million penalty against UAE-based investment, advising and trading company, Alma Investment, for violating the Iranian Transactions and Sanctions Regulations. The company did…
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not voluntarily self-disclose at least six electronic funds transfers, totaling $103,283, processed through financial institutions located in the United States for the benefit of persons in Iran, OFAC determined. Alma did not have an OFAC compliance program, nor did it cooperate with OFAC during the investigation, said OFAC.