OFAC Fines Payment Company for Violating Sanctions

OFAC settled with daVinci Payments Nov. 6 for its violations of sanctions with Crimea, Cuba, Iran and Syria.

daVinci Payments, which offers rewards cards for various clients, was found to have permitted users in sanctioned countries to receive rewards despite sanctions.

The company "agreed to remit $206,213 to settle its potential civil liability for 12,391 apparent violations" in the four countries, according to a Treasury press release.

"The settlement amount reflects OFAC’s determination that daVinci’s conduct was non-egregious and was voluntarily self-disclosed," the release said.

Fellow rewards processor Tango Card settled similar charges in October 2022.   In that case, potential penalties in excess of $9 billion were reduced to $116,000.