WASHINGTON • Singapore-based technology company CSE Global has agreed to pay more than US$12 million (S$16 million) to settle 104 apparent violations of Iran sanctions by its subsidiary.

The US Treasury on Thursday said the subsidiary, CSE Transtel, "caused at least six separate financial institutions to engage in the unauthorised exportation or re-exportation of financial services from the United States to Iran".

This happened in 2012 and 2013, the Treasury said in a statement.

The alleged violations involved 104 US currency wire transfers to Iran through the US totalling more than US$11 million.

CSE Transtel said the wire transfers were to pay for non-US goods and services lawfully rendered by CSE Transtel through non-US third party vendors to Iran or persons located in Iran, reported The Business Times.

Both CSE Global and CSE Transtel are located in Singapore.

The US Treasury's Office of Foreign Assets Control (Ofac) determined that Transtel did not voluntarily self-disclose the apparent violations to Ofac, and that the apparent violations "constitute an egregious case".

CSE told BT: "After due and careful consideration, CSE and CSE Transtel have agreed to settle with Ofac the matter of the alleged violations as the alternative would have been a costly and lengthy litigation in the US, which would take up much of management time and resources, the outcome of which is not at all certain."

Listed on the Singapore Stock Exchange, CSE Global employs over 1,300 people worldwide. It offers integrated solutions to companies in the automation, telecommunications and environmental sectors. It started out in 1985 as the engineering projects division of Chartered Electronics Industries, the electronics arm of Singapore Technologies.