U.S. company agrees to settle violations of multiple sanctions programs
Agreed to remit over $7.5 million to settle potential civil liability for almost 66,000 apparent violations of multiple U.S. sanctions programs
Almost 66,000 apparent violations of multiple U.S. sanctions programs
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced that a U.S. company agreed to remit over $7.5 million to settle potential civil liability for almost 66,000 apparent violations of multiple U.S. sanctions programs.
Read the OFAC release (May 1, 2023)
The company, which operated an online trading and settlement platform, allowed customers apparently located in sanctioned jurisdictions to engage in online digital asset-related transactions—consisting of trades, deposits, and withdrawals—with a combined value of approximately $15.3 million, despite having reason to know their location based on both “Know Your Customer” information and internet protocol address data.
OFAC determined that the apparent violations were not voluntarily self-disclosed and were not egregious.
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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