Neogen discloses avoided OFAC fine in Iran sanctions probe

Neogen Corp. disclosed the Treasury Department’s Office of Foreign Assets Control (OFAC) concluded a probe into potential sanctions violations regarding transactions by the food safety company with parties in Iran without issuing a fine.

Neogen said it received a cautionary letter from OFAC in March “concluding its investigation without civil monetary penalty or other enforcement action,” the company disclosed in a regulatory filing Tuesday.

In March 2020, the company received an administrative subpoena from OFAC regarding activities or transactions involving parties located in Iran, it disclosed in previous filings.

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