- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-01-03T19:23:00
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.
Danfoss, which sells refrigeration products, air conditioners, and other cooling products, has 69 factories worldwide and more than 40,000 employees. Its wholly owned subsidiary in the United Arab Emirates, Danfoss FZCO, allegedly directed customers in Iran, Sudan, and Syria to send payments to the U.S. branch account located in the UAE.
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