PayPal has agreed to pay $7.7 million to settle charges that it violated numerous sanctions programs against countries that include Iran, Cuba and Sudan, according to the U.S. Treasury Department.
For several years up to and including 2013, PayPal is accused of failing to employ adequate screening technology and procedures to identify the potential involvement of U.S. sanctions targets in transactions that it processed. As a result, the electronic payments firm did not screen in-process transactions in order to reject or block prohibited transactions pursuant to applicable U.S. economic sanctions program requirements.
Separately, between October 20, 2009 and April 1, 2013, PayPal processed 136 transactions totaling more than $7,000 to or from a PayPal account registered to an individual on OFAC’s List of Specially Designated Nationals and Blocked Persons.
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