U.S. OFAC settlement agreement for violations of sanctions against Cuba, Iran, Venezuela
The apparent violations were non-egregious and voluntarily self-disclosed.
The apparent violations were non-egregious and voluntarily self-disclosed.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a settlement with a multi-asset digital money platform. The company has agreed to remit approximately $72,000 to settle its potential civil liability for apparent violations of sanctions against Cuba, Iran, and Venezuela.
According to today’s OFAC release [PDF 243 KB], between March 2017 and May 2022:
- The company or its affiliates processed 152 transactions totaling over $180,000 in apparent violation of OFAC’s sanctions against Cuba, Iran, and Venezuela.
- The apparent violations included processing transactions for customers who self-identified as being located in Cuba or and for employees of the government of Venezuela.
The settlement amount reflects OFAC’s determination that the apparent violations were non-egregious and voluntarily self-disclosed.
For more information, contact a professional with KPMG Trade & Customs services:
Doug Zuvich |
John L. McLoughlin |
Andy Siciliano |
Steve Brotherton |
Luis (Lou) Abad |
Irina Vaysfeld |
Amie Ahanchian |
Christopher Young |
Gisele Belotto |
George Zaharatos |
Andy Doornaert |
Jessica Libby Principal E: jlibby@kpmg.com |
| John Anderson Managing Director E: johneanderson@kpmg.com |
Jenna Leigh Glass Managing Director E: jennaleighglass@kpmg.com |
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