A Seattle-based operator of an e-rewards delivery platform, Tango Card has paid $116,000 to the US Treasury’s Office of Foreign Asset Controls (“OFAC”) to settle allegations that it violated US sanctions. The potential penalty was much reduced as a result of the company’s actions following discovery of the apparent violations.
According to OFAC, “While Tango Card used geolocation tools to identify transactions involving countries at high risk for suspected fraud and had OFAC screening and Know Y...
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