The U.S. Division of the Treasury’s Workplace of International Property Management (OFAC) is publishing “Sanctions Compliance Guidance for Instant Payment Systems” which emphasizes the significance of taking a risk-based strategy to managing sanctions dangers within the context of recent cost applied sciences resembling prompt cost techniques and to focus on issues related to managing these dangers. This steerage additionally encourages builders of prompt cost techniques to include sanctions compliance issues and options as they develop these techniques.
As well as, OFAC introduced a settlement with Tango Card, Inc. (Tango Card), a Seattle, Washington-based firm that provides and distributes digital rewards. Tango Card agreed to remit $116,048.60 to settle its potential civil legal responsibility for 27,720 obvious violations of a number of U.S. sanctions packages. Because of poor geolocation identification processes, Tango Card transmitted saved worth merchandise to people with Web Protocol (IP) and e mail addresses related to Cuba, Iran, Syria, North Korea, and the Crimea area of Ukraine. The settlement quantity displays OFAC’s dedication that Tango Card’s obvious violations had been non-egregious and voluntarily self-disclosed. For extra data, please go to the next web notice.
OFAC can also be reissuing of their entirety the Libyan Sanctions Regulations, 31 CFR 570, which had been beforehand printed in abbreviated kind in 2011. At this time’s reissuance of the Libyan Sanctions Laws contains extra interpretive steerage and definitions, basic licenses, and different regulatory provisions that may present additional steerage to the general public.