November 12, 2019

OFAC investigation of Virginia IT company continues

On November 12, 2019, DXC Technology Co., a Virginia-based IT services company, provided an update on the ongoing investigation by the Office of Foreign Assets Control of the US Department of Treasury, into possible violations of US sanctions laws.  In February 2017, the company voluntarily self-disclosed the potential violations, which relate to insurance claims processed by two partially-owned joint ventures of Xchanging that were acquired by DXC’s predecessor, Computer Sciences Corporation, in 2017.  The disclosures were made to both OFAC and Her Majesty’s Treasury Office of Financial Sanctions Implementation in the UK.  DXC says that it is finalizing its internal investigation, and plans to provide supplemental information to OFAC in early 2020.

Form 10-Q