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Nasdaq Settles $4M for Iran Sanctions Violations: Former Unit, Nasdaq OMX Armenia, Admits Servicing Bank Mellat

SanctionsNasdaq Settles $4M for Iran Sanctions Violations: Former Unit, Nasdaq OMX Armenia, Admits Servicing Bank Mellat

Nasdaq Inc, the New York-based stock exchange, has agreed to pay a $4 million settlement to the U.S. Department of Treasury for apparent violations of sanctions against Iran by its former unit, Nasdaq OMX Armenia. The Office of Foreign Assets Control (OFAC) revealed that Nasdaq OMX Armenia provided services to Iran and Iran’s state-owned Bank Mellat. The settlement amount reflects OFAC’s determination that Nasdaq’s conduct was non-egregious, and it acknowledged mitigating factors, including Nasdaq’s voluntary disclosure of transactions in 2014 and the sale of the Armenian subsidiary in 2018. Nasdaq acquired Nasdaq OMX Armenia in 2008 when it bought Swedish financial company OMX AB.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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