/regulation & compliance

News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

Venmo cites sanctions laws over blocked payments mentioning Palestinian relief funds

Venmo says that US sanctions laws are behind recent moves to block some payments that include keywords related to Palestine in the description.

Be the first to comment

Venmo cites sanctions laws over blocked payments mentioning Palestinian relief funds

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

This week a Twitter user posted a screenshot of a message from Venmo customer support asking about a $50 payment they had received for "Emergency Palestinian Relief Fund."

In the message, Venmo says: "We're trying to understand" the reference, the "purpose of this payment, including a complete and detailed explanation of what is intended to be paid for and the establishment/location".


The payment appears to have been flagged because "Palestinian Relief Fund," is listed on the Department of the Treasury's Office of Foreign Assets Control sanctions list.

However, Business Insider notes that payments to the "Palestine Children's Relief Fund," which is not on the sanctions list also seem to have been blocked.

A spokesperson tells Business Insider: "Venmo takes its regulatory and compliance obligations seriously, including adherence to US economic and trade sanctions administered by the US Department of the Treasury's Office of Foreign Assets Control."

Sponsored [On-Demand Webinar] The Future of Plastic - The Rapid Evolution of Card Payments

Comments: (0)

[New Report] The Future of UK Fintech: 2015 - 2035 - An IFGS Special Edition - UK Fintech Week 2024Finextra Promoted[New Report] The Future of UK Fintech: 2015 - 2035 - An IFGS Special Edition - UK Fintech Week 2024