27 Feb 2019
On February 7th, Kollmorgen Corporation (“Kollmorgen”) of Radford, Virginia, agreed to a settlement with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) for six apparent Iran sanctions regulations violations by its Turkish affiliate Elsim Elektroteknik Sistemler Sanayi ve Ticaret Anonim Sirketi (“Elsim”). Despite significant preventative, investigatory, and remedial efforts by Kollmorgen, the $13,381 settlement was almost double the $7,434 base penalty.
Why? Good question. Let’s examine the facts and timeline first.
Read the full article here
You can claim CPD minutes for reading this article, by signing up to our CPD WalletFREE CPD Wallet