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Violation Tracker Individual Record

Company: Nasdaq, Inc.
Current Parent CompanyNasdaq Inc.
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $4,040,923
Year: 2023
Date: December 8, 2023
Offense Group: financial offenses
Primary Offense: economic sanction violation
Violation Description: Nasdaq Inc., a financial services corporation headquartered in New York, which owns and operates stock exchanges and other businesses worldwide, agreed to pay $4,040,923 to settle its potential civil liability for the conduct of its former wholly owned foreign subsidiary, Nasdaq OMX Armenia OJSC, the former owner and operator of the Armenian Stock Exchange (ASE). In this capacity, Nasdaq OMX Armenia processed trades and settled payments through the ASE platform involving the OFAC-designated Armenian subsidiary of Iran's state-owned Bank Mellat. In doing so, Nasdaq OMX Armenia knowingly engaged in the exportation of services to Iran and the Government of Iran, thereby committing 151 apparent violations of OFAC sanctions on Iran. The settlement amount reflects OFAC's determination that the apparent violations were non-egregious and voluntarily self-disclosed.
Level of Government: federal
Action Type: agency action
Agency: Office of Foreign Assets Control
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: financial services
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.