OFAC settles with Generali Global Assistance, Inc. for apparent Cuba sanctions violations
On 1st October 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announce a $5,864,860-settlement with Generali Global Assistance, Inc. (GGA) for 2,593 apparent violations of the Cuban Assets Control Regulations (CACR), 31 C.F.R. Part 515.
GGA, a New York-incorporated travel assistance services company, “provides travel and claims services on behalf of clients that offer global medical expense and travel insurance policies and other travel-related services to individuals traveling abroad.” Between 2010 and 2015, GGA was a travel service provider for two Canadian insurers that offered travel insurance policies for non-U.S. Canadian subscribers who traveled to Cuba. Specifically, GGA apparently violated § 515.201 of the CACR by processing claims reimbursements in which Cuba (or a Cuban national) had an interest, to Canadian travelers via the Canadian insurers. OFAC has determined that these violations constitute an ‘egregious’ case.
For further information please see the U.S. Department of the Treasury’s: