The Israeli payment company Pioneer was fined $ 1.4 million by the US Treasury Department

The Israeli payment company Pioneer (Payoneer) was fined $ 1.4 million by the US Treasury Department for violating 2,260 different sanctions in a large number of countries, including Iran and Syria. Other countries include Ukraine, Sudan and violations of sanctions against individuals who are defined as barriers to money transfers by US authorities.
According to the Ministry of Finance report between 2018-2013, Pioneer processed 2,241 payments to entities located in the Crimea, Iran, Saudi Arabia and Syria as well as 19 violations of sanctions by individuals who are blocked by the US Treasury. According to the report, the total payments made possible by the company stand at $ 802,000. However, the U.S. Treasury Department said the violations were not serious.
The violations committed by Pioneer are associated with a series of technical glitches and problems of the company's algorithm which enabled the execution of the transactions. The U.S. Treasury Department states that Pioneer had a reason to know the location of users it later identified according to a series of different indicators.
Pioneer, according to the U.S. Treasury Department, has failed to take minimal care and allow people who are blocked from transfers to open accounts and make transactions.
Last June, the Israeli company began trading in the United States at a value of $ 3.3 billion in an IPO. The company raised about $ 1 billion when about $ 500 million flowed into the company's coffers and another 500 went to its investors. Pioneer is one of the oldest fintech companies in Israel and in the world in general. It was founded in 2005 by Yuval Tal, who retired from the company to join the TEAM8 fund. The company is today managed by CEO Scott Gallit. The technology platform developed by the company enables secure transfer of payments between countries, financing of transactions to existing customers, and more.
The United States has fined Israeli Pioneer for violating sanctions on Iran and Syria
According to the US Treasury Department in the years 2018-2013 the payments company failed to take minimal care and allowed people who are blocked from transfers - to open accounts and execute transactions. Last June, Israeli company began trading in the United States. The fine stands at $ 1.4 million