On February 18, 2021, the U.S. Department of the Treasury, Office of Foreign Assets Control announced a $507,375 settlement with BitPay, Inc., a payment processor for merchants accepting digital currency as payment for goods and services, for 2,102 apparent violations of multiple sanctions programs between 2013 and 2018.
The settlement highlights that financial service providers facilitating digital currency transactions must not only establish sanctions compliance programs to screen their own customers but also must monitor third-party non-customer transaction information.
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