top of page


OFAC reaches settlement with Kollmorgen Corporation for Iran sanctions circumvention and updates FSE

On February 7, 2019 the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) settled with Virginia-based Kollmorgen Corporation ("Kollmorgen") for $13,381. Kollmorgen voluntarily disclosed apparent violations against the Iranian Transactions and Sanctions Regulations (ITSR) (31 C.F.R. part 560) by its Turkish affiliate Elsim Elektroteknik Sistemler Sanayi ve Ticaret Anonim Sirketi (“Elsim”). On six occasions, between July 2013 and July 2015, Elsim sent employees to Iran to maintain services and provided other assistance to Iranian customers.

In addition, OFAC has added former managing director, Evren Kayakiran, of Elsim to its FSE (Foreign Sanctions Evaders) list. According to a press release issued by the Department of the Treasury, Kayakiran forced employees to perform and obscure the companies’ activities in Iran and provided false information to Kollmorgen. More information on the settlement and the FSE designation can be found in an enforcement information brief issued by OFAC.

The data reflecting the updated FSE list will be available shortly via PST.AG’s data feed notification to our customers.

Featured Posts
Recent Posts
bottom of page