Settlement Agreement Between the U.S. Department of the Treasury's Office of Foreign Assets Control and Kollmorgen Corporation; Foreign Sanctions Evaders Determination

February 7, 2019

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $13,381 settlement with Kollmorgen Corporation (“Kollmorgen”) of Radford, Virginia.  Kollmorgen has agreed to settle potential civil liability on behalf of its Turkish affiliate Elsim Elektroteknik Sistemler Sanayi ve Ticaret Anonim Sirketi (“Elsim”) for six apparent violations of Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR).  The apparent violations involved Elsim dispatching employees to Iran to service machines and providing other services to Iran in violation of ITSR § 560.215.  OFAC determined that Kollmorgen voluntarily self-disclosed the apparent violations on behalf of Elsim and that the apparent violations constitute a non-egregious case.