News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2022-08-10T14:50:00
The U.S. Commerce Department’s Bureau of Industry and Security (BIS) charged China’s largest cable and wire manufacturer Far East Cable with export control violations related to its alleged dealings with telecommunications company ZTE to circumvent U.S. restrictions against Iran.
Far East Cable from September 2014 through January 2016 aided and/or abetted violations of the Export Administration Regulations (EAR) on 18 occasions when it “served as a cutout” between ZTE and Iranian telecoms, the BIS stated in a press release Monday. During that period, ZTE was under investigation for EAR violations of its own that ultimately resulted in the Commerce Department levying a record fine of $1.19 billion against the company in March 2017.
The BIS alleged Far East Cable “signed contracts with ZTE and Iranian telecommunications companies to deliver U.S.-origin equipment to Iran as part of an effort to conceal and obfuscate ZTE’s Iranian business from U.S. investigators.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
2023-04-20T16:27:00Z By Kyle Brasseur
Seagate will pay the largest stand-alone administrative penalty in the history of the Commerce Department’s Bureau of Industry and Security for violating export control restrictions against Chinese telecommunications giant Huawei.
2022-03-24T21:38:00Z By Jaclyn Jaeger
A U.S. district court judge agreed to end ZTE’s five-year probation following the Chinese telecommunications company’s 2017 guilty plea for violating Iran sanctions.
2024-07-26T19:49:00Z By Aaron Nicodemus
Three federal banking regulators issued guidance on the risks posed by the use of third-party financial technology firms to deliver bank deposit products and services to customers.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
Site powered by Webvision Cloud