On 9 September, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced that NewTek, Inc. (“NewTek”), a US technology company had agreed to pay $189,483 to settle its potential civil liability for 52 apparent violations of the Iranian Transactions and Sanctions Regulations.
The apparent violations occurred when NewTek exported goods, technology, and services from the United States to third-country distributors that it knew or had reason to know were intended for co...
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