Swift Prepaid Solutions, Inc., operating as daVinci Payments, a financial services and payments firm in Buffalo Grove, Illinois, has agreed to pay $206,213 to settle potential civil liability for 12,391 apparent violations of OFAC sanctions on Crimea, Iran, Syria, and Cuba. Between November 15, 2017, and July 27, 2022, daVinci, managing prepaid reward card programs, allowed residents in sanctioned jurisdictions to redeem reward cards. The settlement amount reflects OFAC’s determination of daVinci’s non-egregious conduct, which was voluntarily self-disclosed.
Description of Violations: DaVinci offers digital or physical payment reward card programs for corporate, non-profit, and government clients. Clients fund the card programs through an issuing bank, and daVinci provides prepaid cards to authorized users. After receiving recipient lists, daVinci sends tokens via email for card redemption. Users, screened against sanctions lists, provide their details on daVinci’s website. Once verified, funds are released to users’ prepaid cards, which can be used with merchants accepting cards via third-party credit card networks.
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By FCCT Editorial Team
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