Sanctions violations: PayPal to make $7.7 million payout to US government

  • PayPal will make a $7.7 million payout to the American government after claims that it permitted payments that were in violation of sanctions against Cuba, Iran and Sudan, media reports said.

    The payment firm did not adequately prevent and screen transactions, according to the United States treasury department.

    PayPal says it has improved real-time payment scanning, and had voluntarily reported to the Office of Foreign Assets Control department certain payments carried out from 2009 to 2013.

    Tagged as: PayPal, payout US government, Cuba, Iran, Sudan, sanctions, payment firm, US treasury department, payment scanning, business news