Apple agreed to pay about $467,000 to settle allegations that it violated U.S. sanctions by dealing with a previously blacklisted Slovenian software company, the Treasury Department said
By Mengqi Sun Nov. 25, 2019 7:27 pm ET Apple Inc. has agreed to pay about $467,000 to settle allegations it violated U.S. sanctions by dealing with a blacklisted entity for more than two years, the Treasury Department said Monday.
The settlement amount is small for a company the size of Apple, which has a market cap of about $1 trillion. But the case illustrates how compliance efforts by even sophisticated multinational companies can break down. During the time SIS was blacklisted, Apple made 47 payments related to the company’s blocked apps, including making payments directly to SIS, OFAC said. Apple also collected about $1.2 million from customers that downloaded SIS’s apps.
Apple allegedly failed to identify Mr. Stjepanovic as a blacklisted individual in its system as well, because Apple didn’t screen all individual users associated with an App Store account at the time, according to the agreement.
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