- 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.
Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
