Washington, D.C. (December 15, 2023) –
The U.S. Department of the Treasury's Office of Foreign Asset
Controls (OFAC) has settled with Swift Prepaid Solutions Inc. d/b/a
daVinci Payments (daVinci), a financial services and payments firm
based in Buffalo Grove, Illinois, for $206,213 for 12,391 apparent
violations of OFAC sanctions on Crimea, Iran, Syria and Cuba.
The basis for the violations was that daVinci enabled reward
cards to be redeemed from persons residing in sanctioned
jurisdictions.
Description of daVinci's Program and Apparent
Violations
DaVinci provides digital or physical payment reward card
programs for corporate, non-profit, and government clients through
an online platform. DaVinci's clients funded the card programs
themselves through an issuing bank, with daVinci providing the
digital or physical prepaid cards to authorized users. Upon
receiving a list of card recipients from its clients, including
names and email addresses, daVinci would send
