Amazon.com Inc. agreed to settle allegations that it violated multiple U.S. sanctions regulations, the U.S. Treasury Department said Wednesday.
The Seattle-based e-commerce giant allegedly provided goods and services to individuals or entities subject to U.S. sanctions, primarily due to deficiencies in the company’s automatic screening processes, according to a settlement agreement between Amazon and the Treasury’s Office of Foreign Assets Control, which enforces U.S. economic and trade sanctions.
An Amazon spokeswoman declined to comment.
The amount Amazon agreed to pay to settle the allegations—about $135,000—is paltry compared with the size of the company, which has a market cap of about $1.5 trillion. But the agreement highlights the importance of implementing and maintaining effective sanctions-compliance tools and programs, and how such tools can sometimes fail even the largest and most sophisticated companies.
The original full article can be found at wsj.com
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