By Thaddeus McBride, Mark Jensen, & Corey Phelps
In late September, Flowserve Corporation (“Flowserve”) and a number of its subsidiaries agreed to settle alleged export violations with the Department of Commerce, Bureau of Industry of Security (“BIS”) for $2.5 million, and to remit $502,408 to the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) to settle alleged U.S. sanctions violations. Flowserve, including its subsidiaries, is an oil, gas, and chemical services company with operations around the world. The settlement underscores the value of compliance measures specifically tailored to a company’s operations, and provides yet another example of the U.S. government vigorously enforcing U.S. law overseas.
Continue Reading OFAC, BIS Double Up Flow Serve: What the Flowserve Settlement Says About Corporate Compliance Programs