US Software Company Gets OFAC Warning Letter

A U.S. financial software company said it received a warning letter this month from the Office of Foreign Assets Control after disclosing possible sanctions violations.

California-based Bill Holdings -- which runs Bill.com, a site that offers invoicing software solutions -- said it received the “cautionary letter” from OFAC after voluntarily disclosing in March that it may have allowed customers in restricted countries to use its services, it said in an SEC filing released Nov. 8. The company told OFAC that U.S. customers traveling in sanctioned countries may have made some payments through its platform.

Bill Holdings said OFAC has “completed its review” with no penalties. “We have implemented additional controls and screening tools designed to prevent similar activity from occurring in the future, but there can be no assurance that we will not encounter similar issues with our sanctions compliance processes in the future,” the company said, echoing comments from a corporate filing earlier this year (see 2408300044).