Settlement Agreements between the U.S. Department of the Treasury’s Office of Foreign Assets Control and an Individual, and with Córdoba Music Group LLC

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a settlement with an individual (“U.S. Person-1”). U.S. Person-1 agreed to remit $45,179 to settle their potential civil liability for six apparent violations of OFAC’s Global Magnitsky Sanctions Regulations. Between January 2021 and June 2021, U.S. Person-1 executed six payments totaling $45,179 on behalf of a blocked individual with knowledge that the individual was sanctioned. The settlement amount reflects OFAC’s determination that the apparent violations were not self-disclosed and that three of the apparent violations were egregious. For more information, please visit the following enforcement release. Separately, OFAC also announced a settlement with Córdoba Music Group LLC (Córdoba). Córdoba, a manufacturer of musical instruments based in California, agreed to remit $41,591 to settle its potential civil liability for apparent violations of sanctions on Iran. On nine occasions, Córdoba shipped instruments and related accessories that it knew were ultimately destined for Iran. The settlement amount reflects OFAC’s determination that Córdoba’s conduct was non-egregious and voluntarily self-disclosed. For more information, please visit the following enforcement release.Read More