WASHINGTON—A new guide from the Treasury Department is emphasizing the importance of taking a risk-based approach to managing sanctions risks in the context of new payment technologies such as instant payment systems, and to highlight considerations relevant to managing those risks.
The U.S. Department of the Treasury's Office of Foreign Assets Control, which published "Sanctions Compliance Guidance for Instant Payment Systems,” said the guidance also encourages developers of instant payment systems to incorporate sanctions compliance considerations and features as they develop these systems.
Separately, OFAC has also announced a settlement with Tango Card, Inc., a Seattle-based company that supplies and distributes electronic rewards. Tango Card agreed to remit $116,048.60 to settle its potential civil liability for 27,720 apparent violations of multiple U.S. sanctions programs.
Voluntarily Self-Disclosed
As a result of deficient geolocation identification processes, Tango Card transmitted stored value products to individuals with Internet Protocol (IP) and email addresses associated with Cuba, Iran, Syria, North Korea, and the Crimea region of Ukraine, OFAC said.
The settlement amount reflects OFAC’s determination that Tango Card’s apparent violations were non-egregious and voluntarily self-disclosed.
The Very Best in CU Reporting. Every Morning. To Your Inbox. At a Price Every CFO Will Love.
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.