News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2023-05-02T16:15:00
Cryptocurrency exchange Poloniex agreed to pay nearly $7.6 million after engaging with more than 200 customers across a handful of sanctioned regions, the Treasury Department’s Office of Foreign Assets Control (OFAC) announced.
Between July 2015 and September 2019, deficiencies in Poloniex’s compliance protocols played part in the company processing nearly 66,000 online digital asset-related transactions by customers in then-sanctioned jurisdictions, including the Crimea region of Ukraine, Cuba, Iran, Sudan, and Syria, said OFAC in its enforcement release published Monday. The combined value of the transactions surpassed $15 million, according to the regulator.
OFAC said Poloniex conducted this business despite having reason to know the locations of its customers. The relevant sanctions against Sudan have since been lifted.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-07-10T19:30:00Z By Aaron Nicodemus
The co-founder and former chief technology officer of crypto peer-to-peer network Paxful faces charges related to violating the anti-money laundering requirements of the Bank Secrecy Act.
2023-12-13T21:35:00Z By Aaron Nicodemus
Virtual currency exchange CoinList Markets agreed to pay more than $1.2 million to settle allegations from the Office of Foreign Assets Control that it violated U.S. sanctions by processing transactions for customers located in the Crimea region of Ukraine.
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.
2024-12-20T17:39:00Z By Aaron Nicodemus
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
2024-12-18T18:08:00Z By Adrianne Appel
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
2024-12-17T20:57:00Z By Adrianne Appel
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
Site powered by Webvision Cloud