Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Uphold HQ Inc.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a settlement with Uphold HQ Inc. (“Uphold”).  Uphold agreed to remit $72,230.32 to settle its potential civil liability for apparent violations of sanctions against Iran, Cuba, and Venezuela.  Between March 2017 and May 2022, Uphold or its affiliates processed 152 transactions totaling $180,575.80 in apparent violation of OFAC’s sanctions against Iran, Cuba, and Venezuela.  These apparent violations included processing transactions for customers who self-identified as being located in Iran or Cuba and for employees of the Government of Venezuela.  The settlement amount reflects OFAC’s determination that Uphold’s apparent violations were non-egregious and voluntarily self-disclosed.  For more information, please visit the following web notice.