Skip to content

World Class Technology Corp settles OFAC liability

Portland, OR
Fine Amount: 
Penalty Type: 
Issued by: 

The Office of Foreign Assets Control has released information on an agreement by World Class Technology Corporation (WCT), Portland, Oregon, to pay $43,200 to settle potential civil liability for alleged violations of the Iranian Transactions and Sanctions Regulations (ITSR), 31 C.F.R. part 560.1 The alleged violations involve WCT’s exportation of seven shipments of orthodontic devices, collectively valued at $59,886, from the United States to Germany, United Arab Emirates, and/or Lebanon, with knowledge or reason to know that the shipments were intended specifically for supply, transshipment, or reexportation to Iran, in apparent violation of §§ 560.204 and 560.206 of the ITSR between April 2008 and July 2010.

OFAC determined that WCT did not voluntarily self-disclose the alleged violations, and that the alleged violations constitute a non-egregious case. The maximum statutory civil penalty amount for the alleged violations was $1,750,000, and the base penalty amount was $80,000.

Penalties View All

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Penalties