OFAC reaches settlement with Kollmorgen over Iran sanctions violations.

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According to a press release from the U.S. Department of the Treasury:

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $13,381 settlement with Kollmorgen Corporation (“Kollmorgen”) of Radford, Virginia. Kollmorgen has agreed to settle potential civil liability on behalf of its Turkish affiliate Elsim Elektroteknik Sistemler Sanayi ve Ticaret Anonim Sirketi (“Elsim”) for six apparent violations of Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR). The apparent violations involved Elsim dispatching employees to Iran to service machines and providing other services to Iran in violation of ITSR § 560.215. OFAC determined that Kollmorgen voluntarily self-disclosed the apparent violations on behalf of Elsim and that the apparent violations constitute a non-egregious case.

If you have any questions about the Iran sanctions, want to update your OFAC compliance program or have concerns that your company or any affiliate is violating OFAC sanctions on Iran, call David Hsu at 832-896-6288 or by email at dhsu@givensjohnston.com.

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