PayPal to Pay $7.7 Million to U.S. Over Alleged Sanctions Violations
March 25 2015 - 4:06PM
Dow Jones News
By Rachel Louise Ensign
The U.S. Treasury Department's sanctions unit Wednesday
announced a $7.7 million settlement with PayPal Inc. over multiple
alleged sanctions violations by the company.
The eBay Inc. unit had inadequate processes for complying with
U.S. sanctions and processed payments involving blacklisted
individuals and countries including Iran, the Treasury Department
said. Under the settlement, PayPal did not admit or deny the
allegations.
PayPal has since improved its sanctions compliance program, the
agency said. EBay plans to spin off PayPal as a separate publicly
traded company.
Write to Rachel Louise Ensign at rachel.ensign@wsj.com
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