Recent Settlement Highlights Need for OFAC Diligence

June 07, 2012
The U.S. Office of Foreign Assets Control recently entered into a settlement agreement with a European-based asset manager for an alleged violation of U.S. sanctions against Iran. The settlement agreement follows the announcement of a number of new measures that significantly expand U.S. sanctions against Iran. This update discusses the settlement agreement and its impact on U.S. and non-U.S. asset managers.