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DaVinci Payments Settlement with OFAC Reveals Critical Compliance Lessons
On November 6, 2023, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) announced a $206,213 settlement with Swift Prepaid Solutions, Inc. d/b/a daVinci Payments (daVinci) for apparent violations of sanctions regarding Crimea, Iran, Syria and Cuba. The financial services and payments firm was penalized by OFAC for enabling prepaid reward cards to be redeemed by persons who purchased the cards from sanctioned jurisdictions.
The November 6 settlement reflects a growing trend in OFAC enforcement actions to emphasize the importance of geolocation and blocking for financial and web services companies.