PayPal Fined $7.7m

E-payment company PayPal have agreed to pay $7.7 million to settle charges by the US Treasury Department. This is due to the claims that PayPal, owned by popular auction site EBay, violated sanction programs against countries such as Cuba and Iran. They also violated the US law 486 times according to the Treasury.

PayPal are also said to have dismissed alerts about doing business with a company on the sanctions blacklist, who are tied to proliferating off of weapons of mass destruction. PayPal agents apparently dismissed six alerts flagging the company in question with a potential match to the blacklist.

The US Treasury did say that PayPal have implemented better screening procedures in April 2013, with new management in the compliance division.