Med tech company settles with OFAC

OFAC has announced that HyperBranch Medical Technology, Inc. (“HyperBranch”) of Durham, North Carolina, has agreed to pay $107,691.30 to settle potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560.

HyperBranch is alleged to have exported medical goods to its United Arab Emirates distributor with knowledge or reason to know that the goods were destined for Iran. OFAC determined that HyperBranch voluntarily self-disclosed the apparent violations, and that the apparent violations constitute a non-egregious case. The statutory maximum civil monetary penalty amount for the apparent violations was $1,129,912 and the base civil monetary penalty was $159,542.