Mondo TV reaches $538K settlement with OFAC over N. Korea sanctions violations

North Korea sanctions

Italy-based Mondo TV agreed to pay $538,000 to settle charges with the Treasury Department’s Office of Foreign Assets Control (OFAC) over 18 apparent violations of North Korea sanctions regulations.

OFAC said in a press release Wednesday that Mondo caused U.S. financial institutions to process nearly $538,000 in payments for animation work it outsourced to a North Korea government-owned animation studio.

The agency acknowledged the apparent violations were non-egregious, but noted the company did not voluntarily disclose the alleged misconduct as an aggravating factor.

lock iconTHIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.