The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has struck a settlement deal with the travel assistance services company Generali Global Assistance, Inc.
Generali is a New York-incorporated company which provides travel and claims services. It provides these services on behalf of clients that offer a variety of travel-related services to people traveling abroad. The company has agreed to pay over $5.8 million in penalty for nearly 2600 violations of the Cuban Assets Control Regulations.
Generali avoided making direct reimbursement payments to its Cuban clients or clients who were traveling to Cuba. Instead, the company intentionally referred these transactions to its Canadian affiliate. The company then reimbursed the payments to the Canadian affiliate. Later, Generali voluntarily self-disclosed this case to OFAC.