Editor TLN
The Treasury Department’s Office of Foreign Assets Control (OFAC) announced on Friday “a conciliation agreement” with the company Uphold HQ Inc. for sending and handling money with clients based in Venezuela, Cuba and Iran.
“Uphold agreed to remit $72,230.32 to settle its possible civil liability for apparent violations of sanctions against Iran, Cuba, and Venezuela,” OFAC explained in a statement. release.
The three countries indicated appear under the United States sanctions regime.
The California-based company works with more than 184 countries, in just over 200 traditional and crypto currencies, according to information on its website.
The transactions made with Cuba and Iran were with citizens who identified themselves as located in those countries. In the case of Venezuela, there were 58 transactions between August 2019 and October 2020, for a total of $1,316 on behalf of two clients identified as employees of Petróleos de Venezuela SA (PdVSA), a Venezuelan government entity.
All the transactions were declared voluntarily by Uphold, indicates the OFAC, and points out that the company took immediate measures upon detection of the violations to correct them, so they are not considered serious violations.
An executive order of August 5, 2019, under the administration of then-President Donald Trump, designated for sanctions properties and interests in the hands of the Venezuelan government, as well as those entities or individuals that violate them.
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