OFAC Penalizes Turkish Trading Company for Violating Iran Sanctions
The Treasury Department’s Office of Foreign Assets Control (OFAC) assessed a $750,000 penalty on Finans Kiymetli Madenler Turizm Otomotiv Gida Tekstil San. Ve Tic for violating the Iranian Transactions and Sanctions Regulations, according to a Sept. 26 release. In 2012,…
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Finans originated at least three electronic funds transfers, totaling $257,808, that processed through financial institutions located in the U.S. for the benefit of the government of Iran or persons in Iran, OFAC said. The Treasury blocked two of those transactions. Finans is a Turkey-based trading company.