Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
Alliance Steel settles potential liability for OFAC violations
OFAC has issued an enforcement release announcing a settlement with Alliance Steel, Inc., a designer and manufacturer of prefabricated steel structures headquartered in Oklahoma City, Oklahoma. Alliance agreed to remit $435,003 to settle its potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations.
On at least 61 occasions between October 2013 and October 2018, Alliance knowingly imported engineering services from a third-party engineering company located in Tehran, Iran. According to OFAC's action notice, multiple members of Alliance senior management were aware of these transactions and participated in the approval process, which, in each transaction, included reviewing a two-page invoice containing the company’s permanent address in Tehran.
OFAC determined that Alliance's conduct was non-egregious and voluntarily self-disclosed. The settlement amount also reflects Alliance's remedial response and cooperation throughout OFAC's investigation.