OFAC fines Unicat Catalyst Technologies $3.9M for serious Iran and Venezuela sanctions violations, underscoring self-disclosure and dual-jurisdiction compliance challenges

The case stands out due to Unicat’s voluntary self-disclosure of the breaches, which involved providing catalyst products and consulting services to Iran and selling to a blocked Venezuelan entity. This enforcement action underscores the ongoing complexities and heightened risks companies face in navigating dual-jurisdiction sanctions regimes, emphasizing the importance of robust compliance programs and proactive risk management…