US Manufacturer Receives OFAC Warning Letter
A U.S. adhesive manufacturing company said it was issued a warning letter from the Treasury Department after disclosing potential violations of U.S. sanctions against Iran, according to the company’s Jan. 26 Securities and Exchange Commission filing. H.B. Fuller said customers…
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of its subsidiaries in Turkey and India may have sold its hygiene products into Iran, which would have violated U.S. sanctions. The company said it disclosed the violations to the Office of Foreign Assets Control in 2018, and in December OFAC issued a cautionary letter with no penalty. H.B. Fuller said the transactions at the center of the potential violations represented less than 1% of the company’s 2018 net revenue.