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

raytodd.blog

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

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