Firm Fined $12m for “Apparent Violations” of Sanctions

CSE TransTel Pte. Ltd. (“TransTel”), a wholly-owned subsidiary of the international technology group CSE Global Limited, both of which are located in Singapore, has agreed to pay $12,027,066 to settle its potential civil liability for 104 apparent violations of the International Emergency Economic Powers Act and the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR).

Between on or about June 4, 2012 and on or about March 27, 2013, TransTel caused at least six separate financial institutions to engage in the unauthorized exportation or re-exportation of financial services from the United States to Iran, a prohibition of § 560.204 of the ITSR, by originating 104 U.S. Dollar wire transfers involving Iran and totaling more than $11,000,000 through the United States.

OFAC determined that TransTel did not voluntarily self-disclose the apparent violations to OFAC, and that the apparent violations constitute an egregious case.

More information here.

(Source: US Treasury Dept)

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