“Uh-oh!” could be the only thing that passed through the senior management’s mind of the travel agency when they realized their mistake. Decolar.com Inc (a Delaware company based in Buenos Aires, Argentina) is officially from Ohio. They discovered that for the past 4 years they had been in violation of OFAC regulations.
They trusted a third-party assurance and did not report to OFAC. Decolar assisted 17,836 persons in flights and hotel stays in and out of Cuba. Talk about providing significant harm to the U.S. sanctions in regards to Cuba! Decolar also had no OFAC risk-based compliance program at the time of the violations. Double “Oops.”
The fine was to be around $4.4 million, but luckily for Decolar, as soon as they learned of their incompliance, they immediately turned themselves in, adopted OFAC compliance policies and completely cooperated by providing the entirety of the information that regarded the apparent violations.
Make sure your not taking OFAC advice from someone who doesn’t keep up with the policies. Check out www.integrasystems.net for more information or just give us a call if you want to make sure you’re compliant.