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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2024-10-18T18:10:00
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
North Korea Sanctions Regulations (NKSR) bar U.S. financial institutions from assisting in the export of alcohol, and other items, to the Democratic People’s Republic of Korea (North Korea). The aim is to pressure the repressive regime to halt its nuclear missile program.
Between April 2016 and October 2018, subsidiaries of Vietnam Beverage Company Limited (VBCL) had U.S. financial institutions process $1.1 million in payments for sales of beer and spirits to North Korea.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
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