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U.S. reaches settlement with Airbnb over Cuba sanctions violations -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: At an Airbnb event, the logos of Airbnb are displayed in Tokyo (Japan), June 14, 2018. REUTERS/Issei Kato/File Photo

Kanishka Singh

(Reuters) – The U.S. Treasury Department announced Monday that it reached a settlement with Airbnb Inc, a unit belonging to home-rental company Airbnb Inc. This agreement was in response to violations of U.S. Sanctions on Cuba.

Airbnb Payments has agreed to pay $91,172.29 in settlement of its civil liability due to apparent violations of the sanctions against Cuba administered under the Office of Foreign Assets Control of the Treasury Department (OFAC),” the notice stated.

According to the Treasury Department’s statement, payments made to guests for reasons not allowed by OFAC were among those involved in violations. Also, certain documents related to transactions involving Cuban-related business transactions weren’t kept.

The apparent violations of Airbnb Payments were disclosed by Airbnb Payments and they were not egregious.

Airbnb opened its Cuba operations in 2015. The Treasury Department stated that the scale-up of Airbnb’s Cuba services “have exceeded the company’s capability to manage the associated sanction risks.”

Since the 1960s, Cuba has been the subject of U.S. economic sanctions.

Airbnb didn’t immediately reply to our Monday request for comment.

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