OFAC Settles Dispute with Paypal Over Sweeping Sanctions Violations
Paypal agreed to settle in recent days a dispute with the Treasury Department over alleged, wide-ranging violations of the U.S. sanctions regime through the company’s facilitation of financial transactions. Paypal pledged to pay the Treasury Office of Foreign Assets Control…
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more than $7.5 million, but the company didn’t admit to or deny the accusations, which included violations of nearly every major U.S. sanctions law, such as those against Iran, Sudan and Cuba. The company will have to report to OFAC in six months on its sanctions compliance programs, the settlement said (here).