Bangalore (India) , The US Treasury Department said it has entered into an agreement with a unit of Airbnb Property Rental Co., which is accused of violating US sanctions against Cuba.
“Airbnb Payments has agreed to send $91,172.29 to Cuba to settle its potential civil liability for apparent breach of sanctions against Cuba administered by the Office of Foreign Asset Control (OFAC),” the department said in a statement.
Airbnb: In Brazil, STJ decides to prohibit condominium leasing
Apparently, the breaches included payments relating to guests traveling outside OFAC-authorized categories, as well as failure to maintain certain required records related to Cuba-related transactions, the Treasury Department said.
The department said the apparent violations of Airbnb payments were voluntarily disclosed and were not serious.
According to the Treasury Department, Airbnb began its Cuban business in 2015 and the company’s expansion of services to the island “exceeded the company’s ability to manage the associated acceptance risks”.
Portugal Fall: How much does a Brazilian cost in Covilha, the cheapest city to study in Portugal
The United States has banned trade with Cuba since 1960, making it the oldest US economic sanctions program.
“We take the enforcement of sanctions very seriously. We are pleased to have reached this agreement with OFAC,” an Airbnb spokesperson said in an e-mailed statement.
Henry Lawson is a contributor at Sproutwired.com, covering a wide range of topics including news, politics, business, technology, sport, entertainment and lifestyle. He focuses on delivering clear, accurate and reader-friendly reporting that helps audiences stay informed about current affairs and important developments. With an emphasis on useful information and balanced coverage, Henry aims to highlight stories that matter most to readers, providing context and insight in a straightforward and accessible way.
