OFAC SETTLES WITH INDIVIDUAL FOR APPARENT VIOLATION OF IRAN RELATED SANCTIONS REGULATIONS
October 15, 2026
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OFAC announced a $1,427,230 settlement with a person referred to as “U.S. Person-1” for 39 apparent violations of U.S. sanctions on Iran between 2019 and 2021. OFAC says U.S. Person-1 provided consulting services to two Iranian companies, referred to as “Iranian Company-1” and “Iranian Company-2.” U.S. Person-1 also received $713,615 in dividends from Iran and used some of that money to purchase property in Iran for relatives. OFAC determined that these activities violated several provisions of the Iranian Transactions and Sanctions Regulations.
OFAC described the violations as egregious and willful, citing U.S. Person-1’s knowledge of the sanctions and experience doing business in Iran. The potential penalty was $14,730,300, but OFAC reduced the final settlement based on several factors, including the person’s lack of previous OFAC violations, the fact that the relevant activities had stopped, and the person’s inability to pay a larger amount. The settlement resolves OFAC’s civil enforcement case.
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