Danfoss – Danfoss enters settlement with OFAC

Danfoss has entered into a settlement to pay $4,379,810 to the U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) for apparent violations of OFAC economic sanctions programs regarding Iran, Syria and Sudan.

No products sold were subject to sanctions or export controls. The apparent violations occurred when a subsidiary company accepted payments made to a US bank account in the UAE from and to customers in sanctioned jurisdictions.

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