Stock exchange operator Nasdaq has agreed to pay $4 million in a settlement with the U.S. Treasury Department over alleged Iran sanctions violations.
A former Armenian subsidiary of Nasdaq processed trades and settled payments relating to a sanctioned Iran-owned bank, the Treasury Department’s Office of Foreign Assets Control said.
Nasdaq said it is pleased to have resolved the matter, adding it “maintains a robust compliance program and is committed to adhering to the highest levels of ethics and integrity.”
A U.S. law in 2012 banned U.S.-controlled companies abroad from transacting even indirectly with the government of Iran. OFAC said Nasdaq failed to exercise “due caution” even though it had knowledge Mellat Armenia was trading on the Armenian exchange. Nasdaq became aware of the problem in 2014 and came forward to U.S. authorities, OFAC said.
JEFFREY NEWMAN AND HIS FIRM ARE WHISTLEBLOWER LAWYERS THAT HANDLE CASES UNDER THE SEC, CFTC AND FINCEN WHISTLEBLOWER PROGRAMS. HE CAN BE REACHED AT JEFF@JEFFNEWMANLAW.COM
