- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-12-13T21:35:00
Virtual currency exchange CoinList Markets agreed to pay more than $1.2 million to settle allegations from the Treasury Department’s Office of Foreign Assets Control (OFAC) that it violated U.S. sanctions by processing transactions for customers located in the Crimea region of Ukraine.
San Francisco-based CoinList allowed 989 transactions on behalf of users in Crimea worth nearly $1.3 million on its platform between April 2020 and May 2022, according to OFAC’s enforcement release Wednesday. The transactions resulted in apparent violations of U.S. sanctions against Russia, which took control of Ukraine’s Crimea region in 2014.
CoinList had sanctions compliance controls in place that screened new and existing customers against sanctions lists. In February 2021, it added controls to deny access to customers with IP addresses in sanctioned jurisdictions.
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2024-03-14T21:46:00Z By Aaron Nicodemus
Swiss-based global private banking group EFG International agreed to pay more than $3.7 million as part of a settlement with the Office of Foreign Assets Control addressing apparent violations of U.S. sanctions against Cuba and two blocked individuals.
2023-11-06T20:25:00Z By Kyle Brasseur
DaVinci Payments, a financial services firm which manages prepaid reward card programs, agreed to pay approximately $206,000 as part of a settlement with the Office of Foreign Assets Control addressing alleged sanctions violations across four countries.
2023-06-20T19:00:00Z By Jeff Dale
Swedbank Latvia agreed to pay more than $3.4 million to resolve apparent U.S. sanctions violations in the Crimea region of Ukraine, the Office of Foreign Assets Control announced.
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
2025-04-11T08:00:00Z By Adrianne Appel
Block Inc., maker of the popular Cash App, has been hit with a $40 million fine by New York for its alleged failure to report suspicious activity. The move marks the latest in a string of recent state and federal enforcement actions against the company.
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