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PayPal cited for ‘reckless disregard’ of US sanctions

Written by Cio
paypal
  • Cio
  • 2 years ago

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PayPal has reached a $7.7 million settlement with the U.S. Treasury for ignoring U.S. sanctions and allowing money transfers to accounts linked to Iran, Cuba, terrorism and weapons of mass destruction.

Announcing the civil liability settlement, the Treasury Department’s Office of Foreign Assets Control (OFAC) detailed a damning string of instances in which the company accepted and processed 486 transactions totaling approximately $43,934 over a five-year period that it should have stopped.

“PayPals management demonstrated reckless disregard for U.S. economic sanctions requirements in deciding to operate a payment system without implementing appropriate controls,” the Treasury Department said in a statement.

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