DaVinci Payments to pay $206K over OFAC sanctions lapses
By 
Kyle Brasseur2023-11-06T20:25:00
DaVinci Payments, a financial services firm which manages prepaid reward card programs, agreed to pay approximately $206,000 as part of a settlement with the Treasury Department’s Office of Foreign Assets Control (OFAC) addressing alleged sanctions violations across four countries.
DaVinci voluntarily self-disclosed the matter, which OFAC deemed non-egregious. The agency’s enforcement release published Monday cited the firm for 12,391 apparent violations of OFAC sanctions regarding Iran, Syria, Cuba, and the Crimea region of Ukraine.
Between November 2017 and July 2022, daVinci enabled reward cards to be redeemed from persons apparently residing in the sanctioned jurisdictions, according to OFAC. The lapses were the result of flawed geolocation controls, the agency said.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefZoetis says no action from OFAC in Iran sanctions matter
Zoetis, a developer and manufacturer of vaccines and medicines for animals, disclosed it was informed by the Office of Foreign Assets Control that it won’t face enforcement for potential violations of Iran sanctions uncovered during an acquisition integration.
-
News BriefCoinList to pay $1.2M to settle Crimea sanctions violations
Virtual currency exchange CoinList Markets agreed to pay more than $1.2 million to settle allegations from the Office of Foreign Assets Control that it violated U.S. sanctions by processing transactions for customers located in the Crimea region of Ukraine.
-
News BriefOFAC: Nasdaq to pay $4M over ex-subsidiary’s Iran sanctions lapses
Nasdaq agreed to pay more than $4 million as part of a settlement with the Office of Foreign Assets Control addressing apparent Iran sanctions violations at the stock exchange operator’s former Armenian subsidiary.
More from Regulatory Enforcement
-
News BriefSEC’s Uyeda: ‘Enforcement is the wrong way’ to handle off-channel communications
The U.S. Securities and Exchange Commission’s Mark Uyeda told an audience of investment advisers that the SEC will no longer prioritize stand-alone enforcement actions for violations of the SEC’s rules on off-channel communications.
-
News BriefAdobe agrees to $150M settlement over alleged cancellation fee violations
Adobe agreed to a $150 million settlement with the U.S. Department of Justice over accusations that it concealed software termination fees and made it difficult for customers to cancel.
-
ArticleU.K. competition regulator ‘very likely’ to use new enforcement powers despite government’s pro-growth agenda
New powers granted to the U.K.’s main competition watchdog will result in greater scrutiny, tougher enforcement, and a stark warning for companies to review their sales and marketing promotions—especially since some practices have been pushed firmly into the spotlight thanks to legislation that came into effect last year.