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E-Gold Operator Fined $2.95 Million for Violating Iranian, Cuban Sanctions
By Brian Monroe
printA digital currency company has incurred a nearly $3 million penalty for sanctions violations less than a year after its directors agreed to pay $300,000 to settle anti-money laundering deficiencies. The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) fined Melbourne, FL-based Gold & Silver Reserve, Inc. $2.95 million for exporting financial services to individuals in Iran, and holding "e-currency" accounts tied to Cuban nationals. The company maintained nearly 57,000 accounts that violated sanctions, according to an agency statement released Thursday. Gold & Silver Reserve, which operates controversial Internet currency site e-Gold, learned about the forthcoming fine in June...
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