By Adriano Marchese

 

German software company SAP SE will pay $8 million in combined penalties for violating sanction regulations on Iran after admitting to thousands of illegal exports of its software products to the country.

The U.S. Justice Department said Thursday that SAP will pay the combined penalties as part of a global resolution with the departments of Justice, Commerce and Treasury.

SAP acknowledged violations of the Export Administration Regulations and the Iranian Transactions and Sanctions Regulations, and as a result, has entered into a non-prosecution agreement with the U.S. Attorney's Office for the District of Massachusetts.

As part of the agreement, the company will forego $5.1 million of "ill-gotten" gains.

"SAP will suffer the penalties for its violations of the Iran sanctions, but these would have been far worse had they not disclosed, cooperated, and remediated," Assistant Attorney General John Demers for the National Security Division said.

The department said that this was the first-ever voluntary self-disclosure of export violations.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

April 29, 2021 15:41 ET (19:41 GMT)

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