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...

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