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Cyber Crime
Scams and Fraud

PayPal will Pay $7.7 Million to U.S. Government For Breaching Sanctions Law

March 27th, 2015 Waqas Cyber Crime, Scams and Fraud 0 comments
PayPal will Pay $7.7 Million to U.S. Government For Breaching Sanctions Law
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Paypal got itself into a heavy fine totaling $7.7 million after being alleged to have processed payments for highly suspicious customers that led to the breach of US sanctions.

Paypal made a settlement with the U.S Treasury Department to pay the fine for having processed the suspicious payments amounting to $44000. Paypal however did not say it had done something wrong.

Paypal seemed to have failed to screen its payments against a list of enemies of the U.S. The U.S government has a list of certain countries that it prohibits anyone to deal with. However, Paypal has allegedly processed payments for people from such origins.

paypal-will-pay-7-7-million-to-u-s-government-for-breaching-sanctions-law

Must Read: PayPal Buckles Under US Pressure: Terminates MEGA Cloud Service Payments

There have been payments to and from Paypal accounts that were associated with Kursad Zafer Cire causing Paypal to break the sanctions against ‘Weapons of Mass Destruction Proliferators’. A total of 100 transactions were made that related to Iran, 33 of Sudan and 98 from Cuban goods.

A spokeswoman of Paypal said that Paypal voluntarily reported to the U.S Department of the Treasury’s Office of Foreign Assets Control (OFAC), payments that have been processed so as to check whether there was any breach of the sanctions from 2009 to 2013. However, now the system has been upgraded where there is real-time scanning of payments.

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Waqas

Waqas

I am a UK-based cybersecurity journalist with a passion for covering the latest happenings in cyber security and tech world. I am also into gaming, reading and investigative journalism

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HACKREAD is a News Platform that centers on InfoSec, Cyber Crime, Privacy, Surveillance and Hacking News with full-scale reviews on Social Media Platforms & Technology trends. Founded in 2011, HackRead is based in the United Kingdom.

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