OFAC fined US subsidiary of Austrian ERBER Group after misinterpreting US Sanctions
Pharma Business Blog
MAY 10, 2020
Animal nutrition company BIOMIN America was fined by more than $250’000 for coordinating sales of agricultural commodities to a company in Cuba without authorization from OFAC (US Office of Foreign Assets Controls). Instead of applying for the necessary OFAC authorizations for exports to Cuba, BIOMIN America developed a transaction structure involving their owned or controlled foreign entities.
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