U.S. fines Biomin America $258,000 for Cuba sanctions violationsChristian Fernsby ▼ | May 8, 2020
Biomin America, an animal nutrition company, has paid a $257,862 penalty to settle charges it violated US sanctions by selling products manufactured by subsidiaries outside the United States to Cuba, the U.S. Department of the Treasury said in a press release.
Sanctions Biomin America
Topics: U.S. Biomin America Cuba
201 of the CACR [Cuban Assets Control Regulations]," the release said.
The Treasury Department pointed out that Biomin could potentially have obtained OFAC authorization but failed to do so. Instead, Biomin developed a transaction structure that company officials incorrectly determined would comply with US sanctions requirements, it added.
The Treasury Department called the case a non-egregious violation, in part because Biomin voluntarily disclosed the transactions, according to the release. ■