Colorado Electronics Company discloses low volume potential Iran sanctions violations
On November 7, 2019, Arrow Electronics, Inc., a Colorado-based global distributor of electronics and computer parts, disclosed that it had determined that employees at the company had facilitated product shipments to resellers for re-export to persons covered by the Iran Threat Reduction and Syria Human Rights Act of 2012 or other US sanctions laws. Arrow said that it the employees did not hold executive-level positions, and did not have authorization from the company to make the shipments, which had an aggregate value of approximately $4,770. The company noted that it had self-reported to the Office of Foreign Assets Control of the US Department of the Treasury, as well as the US Department of Commerce’s Bureau of Industry and Security, and is cooperating fully with the authorities’ review of these transactions. Meanwhile, the company has conducted its own internal investigation and has terminated or disciplined the employees involved.