What is the Payoneer OFAC settlement?

The Payoneer OFAC settlement refers to a legal agreement reached between Payoneer Inc., a global payment processing company, and the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury. The settlement was reached after OFAC alleged that Payoneer had violated multiple sanctions programs. The violations were related to transactions processed by Payoneer on behalf of persons located in sanctioned countries. As part of the settlement, Payoneer agreed to pay a monetary penalty and implement a number of compliance commitments to prevent future violations.