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Home » News » PayPal Punished: What Does That Mean for Ecommerce?

PayPal Punished: What Does That Mean for Ecommerce?

Via Hubspot Blogs:

What is an ecommerce company to do when one of their “most trusted” payment options gets a big slap on the wrist from the US Treasury? Most are learning right now, though data isn’t yet available to report. So, what exactly happened, and how might it affect your small to medium ecommerce business?

Apparently, PayPal disregarded US sanctions and allowed money transfers to forbidden accounts, including some linked to Cuba, Iran, and terrorist organizations. The Treasury Department said in a statement, “PayPal’s management demonstrated reckless disregard for US economic sanctions requirements in deciding to operate a payment system without implementing appropriate controls.”

paypal earning screenshot

Fair enough, right? When people send money through PayPal, the company should know who’s spending it and where it’s going. The lack of regulation regarding payments to countries and organizations under sanction by the U.S. Treasury Department is kind of shocking. Right now, a $7.7M settlement really is little more than a slap on the wrist, but it’s also a warning that stricter punishment could follow.

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