An American-based Digital Commerce Company, Payoneer, has Agreed to Pay the U.S. Treasury Department, $1.4 Million as part of a Settlement, for more than 2,000 apparent Violations of Multiple Sanctions Programs, the Agency said in a Statement, on Friday.
Treasury said that Payoneer Inc., a Publicly Traded New York-based Online Money Transmitter, processed Payments for Parties located in Countries that are under U.S. Sanctions, including: Iran, Sudan, Syria, and the Crimea Region of Ukraine.
The Agency said Payoneer also Processed 19 Payments, on behalf of Sanctioned Persons who are on Treasury's Office of Foreign Asset Control's (OFAC) List, of Specially Designated Nationals and Blocked Persons.
Payoneeer had 2,260 Apparent Sanctions Violations and settled with the Treasury Department for $1,400,301.40.
"This action highlights that money services businesses - like all financial service providers - are responsible for ensuring that they do not engage in unauthorized transactions prohibited by OFAC sanctions, such as dealings with blocked persons or property, or engaging in prohibited trade-related transactions with jurisdictions and regions subject to sanctions," Treasury said in its Enforcement Report.
Treasury said that Deficiencies in Payoneer's Sanctions Compliance Program, related to: Screening, Testing, Auditing, and Transaction Review Procedures, resulted in Sanctioned Persons and People in Sanctioned Jurisdictions being able to Engage in over $800,000 worth of Transactions.
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