The Treasury Department’s Office of Foreign Assets Control today imposed sanctions on international payment processor PacNet and a network of 12 individuals and 24 entities targeted for supporting PacNet. The processor “has a lengthy history of money laundering by knowingly processing payments on behalf of a wide range of mail fraud schemes that target victims in the United States and throughout the world,” OFAC said. “PacNet is the third-party payment processor of choice for perpetrators of a wide range of mail fraud schemes.”
Banking sector, regulators announce joint effort to address AI risks
Banking industry and Treasury Department representatives came together at ABA's headquarters in Washington, D.C., to announce the next steps in...