The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) recently entered into a settlement agreement with Payoneer Inc. Payoneer is a publicly-traded online money transmitter and prepaid access provider based in New York.
Payoneer processed payments for clients in Iran, Sudan, Syria and the Crimea region of Ukraine. Moreover, it processed payments for sanctioned persons on OFAC’s List of Specially Designated Nationals and Blocked Persons. Payoneer committed 2,260 such violations of the OFAC’s sanctions programs.
To settle its potential civil liability for these violations, Payoneer has agreed to remit $1,400,301.40.
Source: US Department of the Treasury