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Expert Analysis

Compliance Takeaways From PayPal's OFAC Settlement

Law360, New York ( April 2, 2015, 11:10 AM EDT) -- On March 25, 2015, the Department of Treasury's Office of Foreign Assets Control announced that PayPal Inc. agreed to pay $7.7 million to settle 486 violations of U.S. economic sanctions. According to OFAC, for several years until 2013, PayPal, one of the world's largest electronic payment companies, did not have adequate compliance processes to "identify, interdict, and prevent" transactions that were in apparent violation of OFAC sanctions programs. Specifically, PayPal did not employ adequate screening procedures and technology to identify transactions involving U.S. sanctions targets....

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