Amazon.com, Inc. (NASDAQ:AMZN) is facing an investigation over deals made with customers in Iran.
According to Amazon.com, Inc., it sold merchandise to individuals that were covered by the Iran Threat Reduction and Syria Human Rights Act, as well as other sanctions from the United States. The company said that it voluntarily revealed this information to the U.S. Treasury’s Office of Foreign Assets Control and the U.S. Department of Commerce’s Bureau of Industry and Security in a filing with the U.S. Securities and Exchange Commission.
The first of the company’s dealings that it has reported to the SEC was to a single individual. This person is on a terrorist watch list and bought $300 worth of items from the online retailer. This isn’t allowed due to Executive Order 13224.
The second revelation from Amazon.com, Inc. was that it sold goods worth a total of $24,700 to an Iranian embassy. It also sold $8,100 of goods to people that may have been working for Iranian embassies in several other countries.
Amazon.com, Inc. notes that the goods sold included books, electronics, office supplies and more. The company is giving its full compliance to the Office of Foreign Assets Control and the Bureau of Industry and Security, Fox Business Network notes.
Amazon.com, Inc. notes that the transactions with the above entities and individuals took place between January 2012 and June 2017. The company says it won’t be making sales to these accounts again. It is also working to make sure this doesn’t happen in the future.
AMZN stock was down 3% as of Monday afternoon, but is up 32% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
