The U.S. division of a global maker of animal feed additives reached a settlement with the Treasury Department over possible sanctions violations—a case that underscores the importance of maintaining a compliance program and seeking guidance from regulators.
Biomin America, which agreed to pay about $258,000 in the settlement, and its foreign affiliates allegedly coordinated 30 sales of agricultural products to a Cuban company, Alfarma SA, between 2012 and 2017, according to the Treasury’s Office of Foreign Assets Control.
Biomin America, a division of Getzersdorf, Austria-based Erber Group, set up a transaction structure to process orders worth about $17.4 million from Alfarma, according to the agreement released Wednesday. Through the structure, Biomin America would coordinate and receive commission on the sales and its foreign affiliates would fulfill the orders, according to the agreement.
The U.S. has a broad trade embargo on Cuba, and Biomin America completed the transactions without authorization from OFAC, according to the agreement.
The full original article can be found at wsj.com