Global communications solutions provider, CSE TransTel, a subsidiary of CSE Global Limited (both based in Singapore), recently agreed to settle Iran sanctions charges leveled by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) for $12 million. The charges involve 104 violations of the Iran sanctions between June 2012 and March 2013. The case involved an independent U.S. government investigation, not a voluntary self-disclosure.
The charges related to TransTel causing six different financial institutions to provide unauthorized financial services relating to transactions with Iran. The funds transfers were processed in part in the U.S. and they involved the supply of goods or services handled by a variety of vendors and service providers with connections to Iran.
Continue Reading OFAC Penalizes Singaporean Communications Provider $12 Million For Iranian Transactions Conducted In U.S. Dollars