Lessons Learned from Honeywell's Export Violations
Lead-In: Export compliance is a critical area where lapses can lead to severe penalties. Honeywell's export violations serve as a cautionary tale for companies navigating complex export regulations.
Blog Content: In 2018, Honeywell was fined $13 million for violating U.S. export controls by exporting technical drawings of military components without proper licenses. This violation of ITAR and EAR regulations underscores the need for rigorous export compliance programs. Accurate part classification, securing proper licenses, and diligent transaction monitoring are essential to avoid costly penalties and maintain regulatory compliance.
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