PayPal to pay $7.7M in sanctions violations settlement
THE ASSOCIATED PRESS
03/25/2015 11:10 PM 03/25/2015 11:11 PM
PayPal Inc. has agreed to pay $7.7 million in a settlement with U.S.
regulators, who say the payments company allowed violations of U.S.
sanctions against countries including Iran.
The Office of Foreign Assets Control, an agency of the Treasury
Department, announced Wednesday the civil settlement with the digital
The agency said PayPal, a division of eBay Inc., didn't adequately
screen transactions so it could detect those by people or entities
subject to sanctions against Iran, Cuba and Sudan. OFAC says the lapses
occurred over several years through 2013.
PayPal, based in San Jose, California, says in a statement that it
voluntarily reported to the agency questionable payments it had
processed. The company said it has taken steps to improve compliance,
such as real-time scanning of payments.
Source: PayPal to pay $7.7M in sanctions violations settlement | Miami
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