Singapore-based company, TransTel, wholly owned by a technology company named CSE Global Limited, was recently fined $12,027,066 by OFAC (the U.S. Treasury Department’s Office of Foreign Assets Control) for violating trade sanctions against Iran.
In 2010 and 2011, TransTel signed contracts with several Iranian companies for the delivery and installation of telecommunications equipment in either Iran or Iranian territorial waters and, between 2012 and 2013, TransTel routed 104 wire transfers worth $11 million involving Iran through the US. The transfers caused at least six banks to take part in unauthorized financial services from the US to Iran.
TransTel was not cooperative in disclosing the violations to OFAC and, considering the egregiousness of the case, the maximum civil monetary penalty would have been $38,181,161 if they had not entered into a Settlement Agreement with OFAC.
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