The Office of Foreign Assets Control has announced that a Chinese company and its affiliated companies and subsidiaries worldwide have agreed to pay $2.77 million to settle the company’s potential civil liability for 11 apparent violations of the Iranian Transactions and Sanctions Regulations. The company will also pay a separate $600,000 penalty to the Bureau of Industry and Security under an agreement settling related charges but will have a denial of export privileges suspended for five years provided it commits no further export violations during that time. OFAC states that this enforcement action highlights the importance of the implementation of audits, reviews, and control measures to ensure compliance with U.S. export controls and sanctions regulations.

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