Kraken, a U.S.-based cryptocurrency exchange, has agreed to pay $362,159 in a settlement over apparent violations of the U.S. Treasury Department's sanctions program.
The U.S. Treasury Department's Office of Foreign Asset Control found fault in Kraken's failure to check the whereabouts of users. The company vetted the location of people when signing up, but didn't check on their locations later, when they were signing in from within sanctioned nations.
That said, OFAC also noted that Kraken had been proactive about correcting the shortcomings, first through self-reporting the violations. It has also added significant compliance measures, such as new analysis tools and additional staff training. As part of the settlement, the company agreed to invest an additional $100,000 in certain sanctions compliance controls."The settlement amount reflects OFAC’s determination that Kraken’s apparent violations were non-egregious and voluntarily self-disclosed," Treasury's statement says.
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