By
Jeff Dale2023-09-22T18:34:00
The Treasury Department’s Office of Foreign Assets Control (OFAC) ordered multinational conglomerate 3M to pay more than $9.6 million over apparent Iran sanctions violations by its subsidiary and a U.S. employee of a separate subsidiary.
Switzerland-based 3M (East) AG knowingly sold reflective license plate sheeting (RLPS) via a German reseller to entities linked to Iranian law enforcement, OFAC said in its enforcement release Thursday. Additionally, a U.S. person working for 3M’s Dubai-based subsidiary, 3M Gulf Limited, was closely involved in the sales, OFAC alleged.
OFAC acknowledged 3M voluntarily self-disclosed the apparent violations but deemed the case to be egregious because of the aggravating factors. The company terminated and formally reprimanded six employees involved, among other mitigating factors.
2023-12-11T16:43:00Z By Kyle Brasseur
Nasdaq agreed to pay more than $4 million as part of a settlement with the Office of Foreign Assets Control addressing apparent Iran sanctions violations at the stock exchange operator’s former Armenian subsidiary.
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New York-based Emigrant Bank agreed to pay nearly $32,000 as part of a settlement with the Office of Foreign Assets Control addressing apparent sanctions violations regarding an account it maintained for a pair of Iranian residents.
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The Securities and Exchange Commission ordered 3M to pay nearly $6.6 million for alleged violations of the Foreign Corrupt Practices Act regarding hidden travel perks its foreign subsidiary made to government officials in China.
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It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
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The founder of crypto exchange Binance, Changpeng Zhao, received a pardon from President Donald Trump. This pardon comes almost two years after Zhao signed a plea agreement and was sentenced to a four-month prison sentence.
2025-10-23T18:57:00Z By Adrianne Appel
A former Wells Fargo risk officer previously ordered to pay $10 million by the Department of the Treasury’s Office of the Comptroller of the Currency (OCC) for her alleged role in the bank’s “fake accounts” scandal is completely off the hook, according to an OCC consent order issued Tuesday.
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