PayPal agrees $7.6m settlement with OFAC for sanctions violations

Yesterday, the US Treasury’s Office of Foreign Assets Control (OFAC) published a settlement agreement with PayPal totalling $7,658,300, in settlement of PayPal’s potential civil liability for 486 apparent sanctions violations. The US Treasury announced that for several years up to and including 2013, “PayPal failed to employ adequate screening technology and procedures to identify the…

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About Michael O'Kane

Michael O'Kane

Michael was called to the Bar in 1992 and prior to joining Peters & Peters was a senior specialist prosecutor at the Crown Prosecution Service Headquarters (CPS). He was a key member of a small specialist unit responsible for the prosecution of serious and high-profile fraud, terrorist,...

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