; or (B) shall be fined not more than five times the value of the transaction involved or $1,000,000, whichever is greater. (2) Establishment of intent The absence of a business relationship with or in the boycotted country may not be construed to establish, without more, the intent required for a violation under this subsection. (b) Knowing violations (1) In general Whoever knowingly violates, or conspires or attempts to violate, any provision of section 4 shall be fined not more than five times the value of the transaction involved or $50,000, whichever is greater, imprisoned not more than 5 years, or both. (2) Applicability A person may be found to knowingly violate a provision of section 4 if the person allows an agent or employee of such person to violate any provision of section 4 where the person has actual knowledge of such violation by such employee. (c) Institutions of higher education (1) In general Except as provided in paragraph (2) , an institution of higher education may not receive Federal funds if the Secretary of Commerce determines, and notifies such institution, that the institution has violated any provision of a regulation issued pursuant to section 4 . (2) Exception The prohibition under paragraph (1) shall not apply with respect to Federal funds made available under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq.). (3) Waiver (A) In general The Secretary may, upon request from an institution of higher education that receives a notification under paragraph (1) , waive the application of the prohibition under paragraph (1) to such institution. (B) Timely consideration The Secretary may only consider a request for a waiver pursuant to subparagraph (A) that is received not later than 30 days after the receipt of the applicable notification. (4) Restoration of eligibility A prohibition under paragraph (1) shall cease to apply with respect to an institution of higher education beginning on the date on which the Secretary determines that such institution has ceased such