Córdoba Music Group LLC

HQ Country of Company:
USA
Country/State of Residence or Citizenship:
CA
Agency:
Department of Treasury
Location of Sentencing:
Washington D.C.
Date:
Description:

Córdoba Music Group LLC, a California-based musical instrument manufacturer, has agreed to pay $41,591 to settle its potential civil liability for apparent violations of U.S. sanctions on Iran. Between November 2019 and March 2022, Córdoba knowingly shipped musical instruments and accessories valued at $118,831 to an Iranian distributor via a Dubai-based intermediary, in violation of the Iranian Transactions and Sanctions Regulations (ITSR). The company failed to recognize that indirect exports to Iran were prohibited under U.S. law due to a lack of sanctions compliance training and misconceptions about the legality of such transactions.

The violations were voluntarily self-disclosed by Córdoba’s new parent company in April 2023 after acquiring Córdoba two months earlier. Upon discovery, the new leadership terminated the business relationship with the Iranian distributor and implemented corrective measures, including sanctions compliance training and enhanced third-party screening protocols.

Fine:
Total Fine
$41,591
Total Forefeiture
$ 0.00
Total Special Assessment
$ 0.00
Grand Total
$41,591
Source:
OFAC, "Córdoba Music Group LLC Settles with OFAC for $41,591 Related to Apparent Violations of the Iranian Transactions and Sanctions Regulations," 12/18/2024
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