What is the relationship between Payoneer and OFAC?

OFAC, or the Office of Foreign Assets Control, is a department of the U.S. Treasury that enforces economic and trade sanctions against countries and groups of individuals involved in terrorism, narcotics, and other disreputable activities. Payoneer, being a financial services company that provides online money transfer and digital payment services, must comply with OFAC regulations. This means Payoneer cannot facilitate transactions with individuals or entities in countries that are subject to OFAC sanctions. In essence, Payoneer’s operations must align with OFAC’s regulations to prevent illegal activities and ensure the security of international financial transactions.