Aggregated News From Investment Management Regulators

Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Generali Global Assistance, Inc.

Report/Flag

Please complete the required fields.



The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a settlement with Generali Global Assistance, Inc. (GGA), a New York-incorporated travel assistance services company.  GGA agreed to remit $5,864,860 to settle its potential civil liability for 2,593 apparent violations of the Cuban Assets Control Regulations.  GGA intentionally referred the Cuba-related payments to its Canadian affiliate, thereby avoiding processing reimbursement payments directly to Cuban parties and to travelers while they were located in Cuba.  GGA then subsequently reimbursed its Canadian affiliate for those payments.  GGA formally codified this indirect payment process in its procedures manual.  OFAC determined that the case was voluntarily self-disclosed to OFAC and that the apparent violations constitute an egregious case.

For more information, please visit the following web notice and settlement agreement.

Source link

Regulator Information

Abbreviation: OFAC
Jurisdiction: United States

Recent Articles

Renee Jones to Join SEC as Director of Corporation Finance; John Coates Named SEC General Counsel

The Securities and Exchange Commission today announced that Renee Jones has been appointed Director of the Division of Corporation Finance.

SEC Awards Approximately $3 Million to Two Whistleblowers

The Securities and Exchange Commission today announced an aggregate award of approximately $3 million to two whistleblowers whose information and assistance led to a successful SEC enforcement action

Havilland Bank (clone of FCA authorised firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

Wittan Invest / Wittan Investment Trust Service (Clone of FCA authorised firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

Circular 04/2018 (VA) – Financial Conglomerate Solvency

You have the option below to allow a unique web analytics cookie to be stored on your browser, enabling the operator of the website to collect and analyse various types of statistical data.

Get the latest from Regulatory.News in your inbox!

×