- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-03-31T19:51:00
Uphold HQ, a California-based money services company, will pay $72,230 to settle charges levied by the Treasury Department’s Office of Foreign Assets Control (OFAC) that it processed sanctioned transactions for persons in Iran and Cuba and government employees in Venezuela.
OFAC alleged Uphold or its affiliates processed 152 transactions totaling $180,576 with individuals in jurisdictions under U.S. sanctions from 2017-22. Uphold facilitates money service transactions in 184 countries across more than 200 currencies, including cryptocurrencies, according to its website.
Uphold allegedly allowed customers who self-identified during onboarding they were located in Iran and Cuba to complete transactions, despite being sanctioned jurisdictions. The customers indicated their country of origin in free text fields within their applications, which Uphold did not screen for sanctions compliance, said OFAC in its enforcement release published Friday.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
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 Office of Foreign Assets Control addressing alleged sanctions violations across four countries.
The U.S. Treasury Department dialed back certain of its sanctions against Venezuela after the latter’s government and an opposition faction agreed to work together toward the prospect of a presidential election in 2024.
The International Investment Bank, a multinational development institution headquartered in Hungary, was designated by the Office of Foreign Assets Control for potentially facilitating the evasion of U.S. sanctions against Russia.
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
