- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-05-23T12:57:00
DXC Technology Company disclosed it might have violated U.S. sanctions and export controls against Russia in its sale of a Russian subsidiary.
The Virginia-based IT services company stated Friday in a 10-K filing with the Securities and Exchange Commission it voluntarily disclosed the potential violations to the Treasury Department’s Office of Foreign Assets Control (OFAC) and Commerce Department’s Bureau of Industry and Security in August.
The company sold Luxoft’s Russia business to IBS Holding in April 2022 as part of its exit from the country following Russia’s invasion of Ukraine. Luxoft is a global digital and engineering firm DXC Technology purchased in 2019.
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IT services company DXC Technology disclosed it received word from the Office of Foreign Assets Control and Bureau of Industry and Security that it won’t be penalized regarding potential Russian sanctions/export control violations it voluntarily self-disclosed in 2022.
More than 150 new designations implemented by the Office of Foreign Assets Control continue U.S. efforts to crack down on entities and individuals supporting Russia from outside the country.
The United States once again ratcheted up sanctions against Russia in an attempt to further choke off the funds and military supplies the country is using in its war against Ukraine.
The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
The Treasury Department’s Office of Foreign Assets Control and Secretary Janet Yellen announced sanctions Thursday against the top leaders of La Nueva Familia Michoacana drug cartel over the illicit trafficking of synthetic opioid fentanyl in the United States.
Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.
