UANI's Iran Corporate Penalties Tracker is the only database documenting corporate violations and penalties specifically relating to Iran. It covers more than 500 civil and criminal cases settled by the U.S. Department of Justice and federal agencies. The total monetary amount paid out in fines by companies for Iran violations exceeds $19 billion.
The Tracker highlights the importance for companies to continue to adopt the most rigorous standards of enhanced due diligence (EDD), know your customer (KYC) and know your customer's customer standards (KYCC).
Existing KYC standards are currently used to protect businesses from engaging directly with sanctioned individuals and entities. However, ties to Iranian sanctioned entities may still occur indirectly. In particular, customers' customers may be engaging in questionable or unlawful behaviour, including money laundering, terror financing and sanctions evasion. This leaves a dangerous sanctions gap that should be plugged so sanctions can have their full intended effect.
It also puts companies at significant risk of reputational damage and - as the Tracker indicates - liable for massive financial penalties and even prison time.