Payoneer Pays $1.4M To Settle Apparent Sanctions Violations
By Elise Hansen (July 23, 2021, 7:17 PM EDT) -- Money transmitting company Payoneer reached a $1.4 million settlement with the Office of Foreign Assets Control over 2,260 apparent sanctions violations that spanned six different sanctions programs, the U.S. Department of Treasury said Friday.
Between early 2013 and early 2018, Payoneer processed transactions for parties in the Crimea region, Iran, Syria and Sudan as well as 19 payments for people on OFAC's List of Specially Designated Nationals and Blocked Persons, known as the SDN List, the Treasury said. The transactions totaled about $802,000, the announcement said.
While none of the potential violations were considered egregious, OFAC pointed to weaknesses in Payoneer's...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!