Trading

Nasdaq settles alleged Iran sanctions violation for $4m

The settlement stems from Nasdaq’s onetime ownership of the Armenian Stock Exchange

Monday 11 December 2023 at 07:21

A former Armenian subsidiary of Nasdaq allegedly processed trades and payments involving a sanctioned Iranian bank, the Treasury Department’s Office of Foreign Assets Control said
A former Armenian subsidiary of Nasdaq allegedly processed trades and payments involving a sanctioned Iranian bank, the Treasury Department’s Office of Foreign Assets Control said Photo: Stephanie Keith/Getty Images

Stock exchange operator Nasdaq has agreed to pay $4m in a settlement with the US Treasury Department over alleged Iran sanctions violations.

A former Armenian subsidiary of Nasdaq allegedly processed trades and settled payments involving a sanctioned Iran-owned bank, the Treasury Department’s Office of Foreign Assets Control said. The transactions occurred on platforms the subsidiary provided to facilitate overnight loans and foreign exchange trading among Armenia’s banks.