- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-04-20T16:27:00
Data storage company Seagate will pay the largest stand-alone administrative penalty in the history of the Commerce Department’s Bureau of Industry and Security (BIS) for violating export control restrictions against Chinese telecommunications giant Huawei.
Subsidiaries Seagate Technology, of California, and Seagate Singapore International Headquarters agreed to pay $300 million for their admitted violations of export administration regulations regarding the sale of more than 7.4 million hard disk drives to Huawei entities from August 2020 through September 2021. The value of the hard disk drives surpassed $1.1 billion, according to the BIS.
As part of the settlement, Seagate also agreed to a multiyear audit requirement of its export control compliance program and five-year suspended denial order.
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2023-05-17T03:20:00Z By Kyle Brasseur
A new strike force co-led by the Department of Justice and Commerce Department made an impact when charges against a former Apple engineer for theft and attempted theft of trade secrets were included as part of its first enforcement actions.
2023-05-01T16:22:00Z By Kyle Brasseur
Not knowing with certainty whether the business you’re conducting meets all relevant regulatory standards is a recipe for trouble, as Seagate learned in paying $300 million for its restricted dealings with Chinese telecom Huawei.
2023-04-19T16:02:00Z By Kyle Brasseur
The Commerce Department’s Bureau of Industry and Security updated its guidelines to further clarify the advantages of voluntary self-disclosure to the agency when export control violations are uncovered.
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The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
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The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
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