- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-04-22T16:49:00
A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Treasury Department’s Office of Foreign Assets Control (OFAC) over “egregious” violations of sanctions against Iran.
SCG Plastics, which is currently undergoing bankruptcy proceedings in Thailand, allegedly used U.S-based correspondent banks to process 467 transactions worth $291 million related to sales of lranian-origin high-density polyethylene resin (HDPE), according to its settlement agreement released Friday.
Of the alleged sales, 457 represented payments for HDPE products manufactured at an Iranian plant and 10 represented payments to resolve debt to third parties. The sales occurred from 2017-18, OFAC noted.
2024-12-16T19:20:00Z By Adrianne Appel
A Minnesota transportation company agreed to pay nearly $258,000 to settle allegations that a subsidiaries violated sanctions against Cuba and Iran more than 80 times, the U.S. Treasury Department’s Office of Foreign Assets Control said.
2024-12-03T21:32:00Z By Aaron Nicodemus
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
2024-07-31T14:40:00Z By Aaron Nicodemus
Five individuals and seven entities in Iran, China, and Hong Kong have been targeted for U.S. sanctions by the Treasury Department’s Office of Foreign Assets Control for helping to obtain components used in Iran’s missles and drones.
2025-06-12T15:51:00Z By Neil Hodge
Europe’s pioneering data protection legislation turned seven years old in May, but the compliance and enforcement difficulties that have dogged the rules since they came into force look set to present both companies and data regulators with fresh headaches for some time to come.
2025-06-11T15:12:00Z By Adrianne Appel
The Department of Justice has charged the founder of cryptocurrency company Evita with 22 violations for allegedly laundering more than $500 million through U.S. banks and cryptocurrency exchanges, on behalf of sanctioned Russian entities.
2025-06-07T01:41:00Z By Oscar Gonzalez
The Securities and Exchange Commission Chair Paul Atkins explained his agency’s shift on cryptocurrency regulation to a Senate committee as legislators bargain over President Donald Trump’s “One Big Beautiful Bill” and the GENIUS Act, which would have the federal government invest heavily in cryptocurrency.
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