November 19, 2024, The United States Treasury Department, The Office of Foreign Assets Control (OFAC), announced the issuance of a $1,104,408 penalty against an individual for 75 violations of OFAC sanctions on Iran. The violations related to the individual's use of an informal value transfer system to remit funds between the United States and Iran in order to purchase, renovate, and operate a hotel in Iran. The penalty amount reflects OFAC's determination that the violations were egregious and were not voluntarily self-disclosed.
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