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World Class Technology Corp settles OFAC liability

Portland, OR
09/07/2016
Fine Amount: 
$43,200
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.

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