- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2022-10-03T16:45:00
Tango Card, a Seattle-based supplier and distributor of electronic rewards, agreed to pay approximately $116,000 as part of a settlement with the Treasury Department’s Office of Foreign Assets Control (OFAC) for apparent sanctions violations related to its issuance of e-gift cards.
Tango Card transmitted at least 27,720 merchant gift cards and promotional debit cards totaling nearly $400,000 to individuals with email or IP addresses associated with sanctioned jurisdictions, including Cuba, Iran, Syria, North Korea, and Ukraine (Crimea), OFAC stated in an enforcement release Friday. The alleged lapses occurred from September 2016 through September 2021.
Tango Card voluntarily self-disclosed the matter to OFAC, which determined the case to be nonegregious.
2025-06-26T20:22:00Z By Oscar Gonzalez
In another sign of President Donald Trump’s focus on cryptocurrency, the head of the U.S. Federal Housing Finance Agency (FHFA) ordered Fannie Mae and Freddie Mac to create proposals to consider crypto assets for a single-family home mortgage.
2025-06-26T18:40:00Z By Aaron Nicodemus
Three Mexican financial institutions will be barred from transacting with U.S.-based banks after a U.S. Treasury agency determined that the institutions allowed their networks to aid the illegal fentanyl trade of Mexican criminal organizations.
2025-06-26T15:37:00Z By Aaron Nicodemus
Bank examiners at the Federal Reserve Board will no longer assess reputational risk during examinations, a concession to the banking industry already underway with two other U.S. regulators.
2025-06-25T16:29:00Z By Oscar Gonzalez
In May, three commissioners for the Consumer Product Safety Commission were abruptly fired by President Donald Trump and sued for their jobs shortly after. A federal judge has ruled that the commissioners should be reinstated, although it’s unclear whether that ruling may itself be reversed.
2025-06-19T19:28:00Z By Ruth Prickett
Fraud now accounts for around 40% of all crime in the U.K., posing a major problem for banks and consumers. Ted Datta, head of industry practice for financial crime compliance at Moody’s, warns that the risk is growing fast.
2025-06-16T18:04:00Z By Neil Hodge
Trying to put rules in place to oversee an industry that has grown largely outside of regulation is not without serious challenges. But the UK’s Financial Conduct Authority’s (FCA) latest consultation aims to attract industry views about how some key aspects of crypto trading should be regulated ahead of planned ...
Site powered by Webvision Cloud