Wednesday, March 25, 2015

U.S. Treasury Settles With PayPal For $7.6M In Violations Related To Terrorism (NASDAQ: #EBAY)

A settlement was reached and announced today between the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and PayPal for $7,658,300. Both parties agreed to settle civil liabilities for 486 possible violations of:
  • Weapons of Mass Destruction Proliferators Sanctions Regulations, 
  • Iranian Transactions and Sanctions Regulations, 
  • Cuban Assets Control Regulations, 
  • Global Terrorism Sanctions Regulations; and, 
  • Sudanese Sanctions Regulations.
According to the original charges, PayPal failed to adequately screen users for potential involvement in U.S. sanctions targets in its transactions. As a result, PayPal did not reject or block prohibited transactions from October 20, 2009 to April 1, 2013. During this time PayPal processed 136 transactions totaling $7,091.77 to or from an individual on the OFAC’s List of Specially Designated Nationals and Blocked Persons. Even after the company identified the risk, PayPal's Risk Operations Agents dismissed six separate alerts.
You can read about each violation in the original order by clicking on the link below.
Settlement with PayPal, Inc.

If you like what you're reading, please join my mailing list to receive blog posts and updates as they occur. If you're an investor with all of your assets tied up in the stock market and cash, you might want to consider a few diversification strategies. Gold is the oldest asset in the world and it's inflation proof. Bitcoin is the gold standard for the cryptocurrency world, which is the fastest growing asset class in the world. Diversifying your portfolio into one or both of these assets can help to insure your portfolio against a stock market crash or inflation. Most importantly, it can help to safeguard the gains you've made over the last 10 years.

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