PayPal has agreed to pay $7.65 million to settle claims by the Treasury Department’s Office of Foreign Asset Control that it processed transactions in violation of U.S. trade sanctions.  OFAC alleged that in the years up to and including 2013, PayPal did not “employ adequate screening technology and procedures to identify, interdict, and prevent transactions” involving targets of U.S. sanctions, and failed to reject or block prohibited transactions.  PayPal voluntarily self-disclosed these violations to OFAC, hired new management in its compliance division, revised its screening measures, and “substantially cooperated” with OFAC’s investigation.  In addition to paying the fine, the settlement requires PayPal to ensure compliance with OFAC regulations and report its policies and procedures for screening transactions to OFAC within six months.