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.
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.”