Global Payments Company Discloses Possible Sanctions Breaches to OFAC
Flywire, a U.S.-headquartered global payments company, may have violated U.S. sanctions against Cuba, Iran or Syria, it told the Office of Foreign Assets Control.
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Flywire said it found payments that “appear to have been initiated” from the three countries while it was “implementing geolocation data-based sanctions screening measures,” and those payments may have been “in potential violation of applicable sanctions regimes.” The company said in an SEC filing this month that it made a “voluntary submission” to OFAC in August and “furnished a supplemental submission” in April.
“Based upon the results of the internal investigation completed to date,” it said, “we do not believe that the amount of any loss incurred as a result of this matter would be material to our business, financial condition, results of operations or cash flow.”