MK Decision Partners with IDology to Integrate Real-Time Identity Verification Into Its Digital Account Opening and Loan Origination Platform prweb.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prweb.com Daily Mail and Mail on Sunday newspapers.
ADVERTISEMENT
Payoneer Pays $1.4M To Settle Apparent Sanctions Violations
Law360 (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.
To embed, copy and paste the code into your website or blog:
On June 30, 2021, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued its first government-wide priorities (Priorities) for combatting money laundering and the financing of terrorism.
1 The Priorities are intended to assist financial institutions subject to the Bank Secrecy Act (BSA) in tailoring their compliance programs and assessing the money laundering and terrorism financing risks posed by their business activities.
FinCEN and the agencies with which it consulted including the U.S. Attorney General, federal functional regulators,
2 state financial regulators and national security agencies made clear in statements published simultaneously with the Priorities that they will be revising their regulations in coming months to align them with the Priorities.