California-based cosmetics company Murad agreed to pay $3.3 million as part of a settlement with the Treasury Department’s Office of Foreign Assets Control (OFAC) addressing apparent Iran sanctions violations over an eight-year period.
In December 2009, Murad entered into an exclusive agreement with an unnamed Iranian distributor to sell the company’s products in the Middle East, including Iran, OFAC explained in its enforcement release Wednesday. The scheme continued until January 2018 and was largely driven by the alleged misconduct of senior executives at the company.
