The travel, hospitality and leisure industry is going through an unprecedented period of change. Organizations within the industry are faced with increasingly complex issues on branding, consumer trends, operational excellence, emerging technologies, growth, and regulatory compliance.
Although the industry is undergoing continuous transformation, many players are still enjoying many degrees of strategic freedom and inherent growth rates. Demand and consumer expectations have continued to expand with the evolution of a global marketplace and the increased development of a population desiring additional conveniences and safety assurances.
OFAC screening required of "Financial Services" organizations
The Financial Crimes Enforcement Network (FinCEN) includes travel agencies in its financial services definition largely as a result of a susceptibility to being targeted by money-launderers, and risk of doing business with specially designated nationals and sanctioned countries.
As a result, the travel and hospitality sector is subject to some of the same stringent requirements applied to more traditional financial organizations, including being legally required to have Office of Foreign Assets Control (OFAC) compliance screening mechanisms to ensure (and prove) that business relationships and transactions comply with the regulations.
How we can Help
Visual Compliance provides robust, cost-effective automation solutions and regulatory content to manage all aspects of foreign trade and export control compliance. With over 30 years of experience helping companies easily gain control and visibility over their compliance issues and processes, our solutions are relied on by more than 4,000 companies at home, and abroad to:
- Conduct Restricted and Specially Designated Nationals screening
- Search current Federal Export Control Regulations and Sanctions
- Access documentation and audit trails for internal and government due diligence protection
For more information, call toll-free 1-877-328-7866 and talk to one of our foreign trade compliance consultants. They'll help you analyze your requirements, evaluate your options, and provide focused demonstrations.
Or send an email.
