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OFAC settles with Hong Kong company for $5M+ Bankers Online

January 12, 2022
Source: bankersonline.com bankersonline.com
News Snapshot:
On Tuesday, OFAC announced a settlement with Sojitz (Hong Kong) Limited ("Sojitz HK"), a Hong Kong, China-based company that engages in offshore trading and cross-border trade financing. Sojitz HK agreed to remit $5,228,298 to settle its potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations (ITSR). In its Enforcement Release, OFAC said that this case "demonstrates the importance of effective risk-based internal controls to identify, interdict, escalate, and prevent activity prohibited by the sanctions programs administered by OFAC. Even where elements of a reasonable compliance program are in place, employees may act on their own initiative...
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Tags: China | finance | financial | financing | Hong Kong | Iran | KONG | LED | offshore | online | profit | Sanctions | Tehran | trade | U.S.

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