Apple Fined for Breach of Russia Sanctions
The UK has fined Apple Distribution International Limited £390,000 for breaching Russia sanctions. The company made funds available without a license in relation to two payments. Apple stated its commitment to compliance and reported the breach promptly to authorities, underscoring its dedication to legal protocols.
Britain has imposed a £390,000 penalty on Apple Distribution International Limited, an Ireland-based subsidiary of the U.S. tech giant, over violations involving Russian sanctions.
According to a government notice released Monday, the subsidiary transferred funds to a sanctioned entity without the necessary license during two transactions in 2022.
Apple confirmed it adhered to local laws and addressed the issue swiftly, strengthening its compliance protocols in alignment with industry standards following the report to UK authorities.
(With inputs from agencies.)
Advertisement
ALSO READ
Cactus Technology Solutions Private Limited has been Empanelled by National e-Governance Division to Support AI Capacity Building for Government Initiatives
BHEL inks licensing pact with NSTL-DRDO to transfer technology for naval vessels
IFCI launches ESG technology platform to provide holistic assessment
Bihar CM inaugurates technology centre, 4 extension centres
Centre and Bihar Govt Launch ₹171 Crore MSME Technology Hub in Sikandarpur
Google News