2 years ago1,000+ Views
PayPal to Pay $7.7 Million Fine
PayPal has formally agreed to pay a $7.7 million to be imposed by the US government for failing to prevent fraudulent transactions in relation to accounts that were based in countries currently sanctioned by the US government or goods and services that were bought and sold in those countries.
The transactions themselves were rather small, only totaling about 500 and $44,000 worth of monetary value, but the US government says the transactions violated banning sanctions against countries like Sudan, Cuba, and Iran. PayPal reportedly had voluntarily reported the transactions to OFAC before improving their real-time processing, helping to prevent future transactions that could be blocked by OFAC and all payments in question were processed between 2009 and 2013.
PayPal was previously in a big financial struggle before being bought and spun off by online marketer eBay.
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Huh. Interesting. I didn't realize the difficulties PayPal must face working in a global financial industry. I just found out recently that the option to "pay the fee" when you send to friends isn't available in some countries, especially in Asia. The more you know?
2 years ago·Reply