Payoneer Inc To Pay $1.4Mln Fine For Sanctioned Payments To Crimea, Iran - Treasury

�WASHINGTON (UrduPoint News / Sputnik - 24th July, 2021) The US-based online money transmitter Payoneer has agreed to pay a more than $1.4 million to settle thousands of violations of US sanctions it committed by sending payments to Crimea, Iran, Syria and Sudan, the Treasury Department said on Friday.

"Payoneer agreed to remit $1,400,301.40 to settle its potential civil liability for 2,260 apparent violations of multiple sanctions programs," the Treasury said in a statement.

The company processed payments to Crimea, Iran, Sudan and Syria on multiple occasions, and also processed payments on behalf of sanctioned individuals, the Treasury added.

"The settlement amount reflects OFAC's determination that 2,241 of Payoneer's apparent violations were not voluntarily self-disclosed, 19 were voluntarily self-disclosed, and all transactions were non-egregious," the Treasury said.

The transactions totaling $802,117.36 took place between February 2013 and February 2018, it added.