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OFAC Settlement Agreement  Highlights the Importance of Knowing Your 4th Parties

Eyelashes expose weaknesses in 4th party and supplier due diligence.

Today the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC)  announced a settlement of $996,080 with e.l.f. Cosmetics, Inc. (“ELF”) of Oakland, California. ELF has agreed to settle its potential civil liability for 156 apparent violations of the North Korea Sanctions Regulations, 31 C.F.R. part 510 (NKSR).

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Topics: third party risk management, tprm, reputation risk, supply chain risk, 4th party risk, sanctions, supplier due dilligence