Gold & Silver Reserve, Inc. OFAC Civil Penalty: $2.95M

Last updated: July 20, 2026

Gold & Silver Reserve, Inc. ("GSR") was assessed $2,950,000.00 for violations of the Iranian Transactions Regulations. The violations involved GSR exporting financial services without a license to persons located in Iran between September 2003 and December 2006.

Penalty Amount

$2,950,000.00

Enforcement Date

October 1, 2009

Rank in Top Penalties

#72

Case Details

Type:: Entity
Name:: Gold & Silver Reserve, Inc.
Country:: 🇺🇸 United States
Industry:: Payments
Address:: Melbourne, FL
Penalty amount:: $2,950,000.00
Egregious case:: Unknown
Voluntary self disclosure:: No
Case:: Assessed
Violation period:: September 2003 to December 2006
Program:: Iranian Transactions Regulations
Enforcement date:: October 1, 2009

Nature of the Apparent Violations

GSR exported financial services without a license in violation of the Iranian Transactions Regulations. Between September 2003 and December 2006, GSR activated 56,739 "e-currency" accounts through its website for persons located in Iran.

How OFAC Determined the Penalty

GSR did not voluntarily disclose the violations to OFAC. The penalty amount was reduced to $2,950,000.00 to account for the payments GSR is to make pursuant to other U.S. government enforcement action. This matter was resolved according to the prior enforcement guidelines published by OFAC at 68 Fed. Reg. 4422.

Official Source Documents

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View archived version View on ofac.treasury.gov

Archived on June 13, 2026

SHA-256: 8c689525cae92d0c071e8240292698224b77894cc06a5b8ebce7c326cbf42f39