In blacklisting it as ‘transnational criminal organization’, OFAC puts little known Canadian payment processor in dubious company
November 18, 2016
By Daniel Calloway, Legal Content Writer, SanctionsAlert.com
It’s really dangerous for a financial institution to operate as a third party conduit for fraudsters. That appears to be one lesson from the recent placement on a “do not touch” list by Treasury’s Office of Foreign Assets Control (OFAC) of Pacnet Group.
On September 22, 2016 OFAC designated the Vancouver-based PacNet Group as a so-called ‘significant transnational criminal organization.’ (more…)