Danish manufacturer Danfoss agreed to pay nearly $4.4 million to settle allegations a subsidiary violated U.S. sanctions by running payments from customers based in Iran, Sudan, and Syria through the foreign branch of a U.S. financial institution.
The unit’s 225 apparent sanctions violations occurred between November 2013 and August 2017 and included nearly $17 million in total bank transfers, according to the Treasury Department’s Office of Foreign Assets Control (OFAC) in a Dec. 30 enforcement release.
