SETTLEMENT AGREEMENT OFAC AND PAYONEER INC FOR SANCTIONS VIOLATIONS WITH PAYMENT PROCESSING

On 23 July, OFAC announced a settlement with Payoneer Inc which processed payments for parties located in the Crimea region of Ukraine, Iran, Sudan, and Syria, and also processed payments on behalf of sanctioned persons on OFAC’s SDN List.  Payoneer agreed to remit $1,400,301.40 to settle its potential civil liability for 2,260 apparent violations of multiple sanctions programmes. 

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20210723

https://home.treasury.gov/system/files/126/20210723_payoneer_inc.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017