The U.S. Treasury Department has reached a settlement with Airbnb for apparent violations of sanctions against Cuba by the company that included unauthorized processing of payments and failure to maintain specific Cuba-related records.
Airbnb agreed to remit $91,172.29 and settle its potential civil liability with the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). Based on a forensic review, the Silicon Valley company was penalized for allowing Airbnb guests to travel outside OFAC’s authorized categories along with failing to maintain certain key records associated with transactions regarding Cuba. Although the initial calculation of the settlement was vastly larger, the department made certain accommodations for Airbnb.
