- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-11-28T21:05:00
Virtual currency exchange Kraken will pay a fine of approximately $362,159 to settle charges it violated U.S. sanctions against Iran, according to the Treasury Department’s Office of Foreign Assets Control (OFAC).
Payward, doing business as Kraken, appeared to allow 826 transactions worth nearly $1.7 million on behalf of individuals located in Iran from 2015-19, according to OFAC’s enforcement release published Monday. Over that period, OFAC said Kraken failed to use appropriate geolocation tools that would prevent IP addresses from sanctioned jurisdictions from conducting transactions on its network.
As part of the settlement, Kraken agreed to spend $100,000 to implement certain sanctions compliance controls. Kraken voluntarily reported the apparent violations, and OFAC determined they were nonegregious.
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Cryptocurrency exchange Poloniex agreed to pay nearly $7.6 million as part of a settlement with the Office of Foreign Assets Control for engaging with more than 200 customers across a handful of sanctioned regions.
Taiwan-based DES International Co. and Brunei-based Soltech Industry Co. each agreed to pay fines of $83,769 after pleading guilty to Department of Justice charges of conspiring to violate U.S. export laws and sanctions by sending U.S.-origin goods to Iran.
The Securities and Exchange Commission slapped $30 million in penalties and fees on cryptocurrency exchange Kraken, part of the agency’s ongoing pushback against unregistered crypto products.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.
