{"id":10788,"date":"2018-05-24T15:30:27","date_gmt":"2018-05-24T22:30:27","guid":{"rendered":"https:\/\/www.qad.com\/blog\/?p=10788"},"modified":"2023-01-17T15:31:51","modified_gmt":"2023-01-17T23:31:51","slug":"trade-compliance-for-travel-companies-five-areas-of-risk-you-should-know","status":"publish","type":"post","link":"https:\/\/www.qad.com\/blog\/2018\/05\/trade-compliance-for-travel-companies-five-areas-of-risk-you-should-know","title":{"rendered":"Trade Compliance For Travel Companies? Five Areas of Risk You Should Know"},"content":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;10789&#8243; img_size=&#8221;full&#8221;][vc_column_text]<i><span style=\"font-weight: 400;\">Mention \u201cInternational Trade Compliance\u201d in most circles and the common association will be of controlled goods and the need for manufacturers to properly screen their orders. What doesn\u2019t come immediately to mind, if at all, is a popular global industry that serves millions of persons a day, yet is subject to a host of stringent controls.<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Sanctions and travel bans as well as national and international anti money laundering laws all impact how travel and tourism companies conduct business. In the latest Precision Report we look at trade compliance for travel companies and how automated solutions are the answer.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Every day\u00a0 millions of people around the world book flights and hotel rooms. Many of them will go online to do so. Others prefer to use their local travel agent. And some of them may cause travel companies to break the law.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are a number of ways travel agencies can unknowingly find themselves in trouble. These include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Processing transactions from denied parties<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Violating anti money laundering laws\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Non compliance with sanctions<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Arranging travel to places restricted by sanctions<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Violating travel bans<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Companies providing travel, tourism and hospitality services are subject to stringent laws. These include national and international regulations. Furthermore, many travel companies \u2014 no matter where they are based \u2014 are subject to US regulations as well.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Denied Parties and Money Laundering<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Travel companies, like any other organization, may not process transactions from groups or individuals on Denied Party Lists (DPLs). A number of bodies produce DPLs. These include the United Nations, the United States and the European Union. DPLs restrict companies from doing business with anyone identified as engaging in terrorism, drug trafficking, criminal activities or the proliferation of weapons of mass destruction. Unfortunately, due to the global nature of the tourism industry, terrorists and criminals target travel companies to launder money and finance terrorism.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In North America, travel and tourism companies are subject to regulations set out by the Treasury Department\u2019s Office of Foreign Assets Control (OFAC). This means they need to screen customers and trade partners against OFAC as well as other DPLs to remain compliant.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Like the US, the EU has strict anti money laundering laws. It is illegal to engage in a business relationship or carry out a transaction without completed Customer Due Diligence (CDD) documentation or information. Under EU law, companies need to be able to identify and verify their customers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Companies in the EU \u2014 and around much of the world \u2014 must also comply with the Financial Action Task Force (FATF) regulations. FAFT is an international standard setting body for combating money laundering and terrorist financing. FATF members include Australia, Brazil, Canada, China, South Africa and New Zealand as well as the United States.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most travel agencies work across borders and need to comply with a variety of DPLs. These, however, are subject to frequent changes \u2014 thousands every year. Individuals, groups and organizations are added and removed from different DPLs every day. As a result, travel agencies need robust compliance screening to minimize the risk of doing business with a restricted party or person.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Travel Restrictions for US Citizens<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The US government rarely controls the movement of its citizens around the world. The State Department will strongly advise American citizens not to visit war torn regions or failed states such as Afghanistan or Somali, but outright bans are uncommon. American citizens are strongly discouraged from visiting North Korea, and require special validation to do so. They are also told they should make out a will, plan their funeral and make arrangements for dependents before travelling.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Restrictions also apply to Cuba. Relations between the US and Cuba thawed under former president, Barack Obama. This lead to relaxed travel rules for US citizens to the island. However President Donald Trump reintroduced travel restrictions and curbed US investment in Cuba.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">OFAC restrictions are in place to prevent Cuba \u2014 particularly the government\u2019s military, intelligence and security operations \u2014 benefiting from American tourist dollars and trade. Under these regulations, Americans may not do business with around 180 Cuban government bodies as well as holding companies and tourism businesses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The tourism business ban includes a luxury shopping mall in Havana, as well as 83 hotels owned by the state. One of these is the famous Hotel Ambos Mundos where Ernest Hemingway lived for several years.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This does not mean there is an outright ban on travel to Cuba. There are twelve categories allowing Americans to legally visit Cuba, such as to see family, for cultural or religious activities, academic or journalistic research, and humanitarian purposes. This can include visiting to offer \u201csupport for the Cuban people.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How US Law Can Impact Global Travel Companies \u2014 The $5 Million Dollar Fine<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">US restrictions do not apply to citizens of other countries. A European, for example, can book a holiday to Cuba within a few clicks of a mouse. Alternatively, they can call around to any travel agency and have them make all the arrangements. It is perfectly legal for Europeans to visit Cuba \u2014 but that does not mean no law has been broken.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">European citizens are not subject to US law, but European-based companies may be. Any company that works in US dollars, has an American bank account or is owned by a US citizen or entity is subject to US trade regulations. It does not matter if the company\u2019s offices are in Australia, Belgium, China or Zimbabwe \u2014 if the company meets any of these criteria it is subject to US trade laws.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">American authorities have jurisdiction over a huge number of non-US companies because the US dollar is the de facto global currency. It makes up around 64 percent of all known central bank foreign exchange reserves. This gives US authorities a long arm, and OFAC doggedly pursues companies that defy regulations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Not convinced of the risk? Just ask American Express. In 2013 the company was issued a $5 million fine by the US Treasury Department for issuing travel tickets to Cuba in violation of the Cuban Assets Control Regulations (CACR), despite the fact that the ticket holders were from countries without travel restrictions to Cuba!\u00a0\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The World Cup and the Russian Oligarch<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Arranging travel to sanctioned countries can cause a number compliance problems. It is fair to say that most sanctioned countries do not attract a huge amount of tourists. But then again, most of them are not hosting the 2018 World Cup.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Both the US and the EU imposed sanctions on Russia after the 2014 annexation of Crimea. This year, however, American sanctions ramped up. In April, the US government announced a sweeping range of sanctions citing \u201cmalign activities\u201d by the Kremlin as the reason. Amongst those blacklisted was Russian oligarch Oleg Deripaska.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This has thrown up unexpected compliance headaches for the 2018 World Cup. Eight Russian airports are owned by people or companies blacklisted by the US. These include Sochi and Gelendzhik airports, both operated by a company owned by Deripaska.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Deripaska is alleged to have commited a number of serious offences, including money laundering, extortion and ordering the murder of a business rival. Furthermore, Robert Mueller, Special Counsel for the United States Department of Justice, has reportedly targeted the Russian billionaire as part of his investigation into Russian interference in the 2016 US election.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A number of teams, including Poland, Sweden and Iceland were due to have used Sochi and Gelendzhik airports. Any airline paying airport landing charges and service fees at these airports could be seen as violating sanctions. What\u2019s more, the US Treasury has warned that they will take steps against non-Americans who flout Russian sanctions. Punitive measures could include fines and sanctions.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Visa Restrictions and Travel Bans<\/span><b>\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Travel companies not only have to be concerned with where they send their customers, but who they send. A travel ban restricts the movement of individuals or groups. The United Nations, the United States, the European Union and any nation state can impose a travel ban.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In 2017, the American government controversially banned citizens of seven countries entering the US. These were Iraq, Syria, Iran, Libya, Somalia, Sudan, and Yemen. Iraq and Sudan were later removed from the list while Venezuela and North Korea were added.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some surprising people are banned from entering certain countries. The US has imposed visa restrictions on British singer Lily Allen because she has an arrest for assault. American megastar Lady Gaga cannot travel to or perform in Indonesia. Last but not least, China banned Canadian singer Justin Bieber for \u201cmisconduct that caused public dissatisfaction.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Travel agencies do not generally have to be concerned about misbehaving celebrities. A far more likely compliance risk is arranging travel for someone whose movements are restricted under UN, US or EU laws. These travel bans are imposed on people or groups believed to be a danger to the country. This can apply to members of hostile regimes and people associated with terrorist groups. Furthermore, travel bans don\u2019t always apply to entry into a particular country \u2014 they can prevent a banned person from transiting there too.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The Importance of Compliance<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In order to stay within the bounds of ever-changing regulations, travel companies need robust compliance screening procedures. Doing this manually is time consuming and subject to errors. It is almost impossible to screen all clients against ever-changing DPLs. A comprehensive automated trade compliance software mitigates the risks travel companies face.\u00a0<\/span><\/p>\n<p><a target=\"_blank\" href=\"https:\/\/www.qad.com\/solutions\/global-trade\" rel=\"noopener\"><span style=\"font-weight: 400;\">PRECISION Automated Global Trade Compliance Software<\/span><\/a><span style=\"font-weight: 400;\"> starts at the very beginning of the transaction process. Travel companies can verify customer transactions and their vendor network to ensure they have passed DPL screening. They can also validate the country of destination and include any special documentation necessary. In this way, travel companies ensure they have satisfied all regulatory controls and performed due diligence. An automated compliance system also creates electronic trails of transactions and audit-ready records.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The PRECISION solution is configurable and extensible according to an organization\u2019s requirements. It provides the necessary oversight required without disrupting your business and allows you to easily manage false positives while remaining compliant.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The penalties for mistakes are costly, even if violations were made unwittingly. Authorities are not sympathetic towards companies who fail to perform due diligence or are negligent with compliance checks. Those who deliberately circumvent the law receive cripplingly high fines. OFAC can impose fines of up to $1 million per violation, and prison sentences are possible. The financial and criminal penalties, and the reputational damage, are simply not worth the risk.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;10789&#8243; img_size=&#8221;full&#8221;][vc_column_text]Mention \u201cInternational Trade Compliance\u201d in most circles and the common association will be of controlled goods and the need for manufacturers to properly screen their orders. What doesn\u2019t come immediately to mind, if at all, is a popular global industry that serves millions of persons a day, yet is subject to a host [&hellip;]<\/p>\n","protected":false},"author":64,"featured_media":10789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2045],"tags":[2559,516,2558,2561,406],"class_list":["post-10788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-supply-chain-trends","tag-denied-party-screening","tag-global-trade-management","tag-restricted-party-screening","tag-sanctioned-party-list-screening","tag-trade-compliance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Trade Compliance For Travel Companies? Five Areas of Risk You Should Know | QAD Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.qad.com\/blog\/2018\/05\/trade-compliance-for-travel-companies-five-areas-of-risk-you-should-know\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trade Compliance For Travel Companies? Five Areas of Risk You Should Know | QAD Blog\" \/>\n<meta property=\"og:description\" content=\"[vc_row][vc_column][vc_single_image image=&#8221;10789&#8243; img_size=&#8221;full&#8221;][vc_column_text]Mention \u201cInternational Trade Compliance\u201d in most circles and the common association will be of controlled goods and the need for manufacturers to properly screen their orders. What doesn\u2019t come immediately to mind, if at all, is a popular global industry that serves millions of persons a day, yet is subject to a host [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.qad.com\/blog\/2018\/05\/trade-compliance-for-travel-companies-five-areas-of-risk-you-should-know\" \/>\n<meta property=\"og:site_name\" content=\"QAD Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/QADerp\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-24T22:30:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-17T23:31:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.qad.com\/blog\/wp-content\/uploads\/2023\/01\/Plane-against-orange-clouds.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"632\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anne Sexton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@QAD_Community\" \/>\n<meta name=\"twitter:site\" content=\"@QAD_Community\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anne Sexton\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.qad.com\\\/blog\\\/2018\\\/05\\\/trade-compliance-for-travel-companies-five-areas-of-risk-you-should-know#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.qad.com\\\/blog\\\/2018\\\/05\\\/trade-compliance-for-travel-companies-five-areas-of-risk-you-should-know\"},\"author\":{\"name\":\"Anne Sexton\",\"@id\":\"https:\\\/\\\/www.qad.com\\\/blog\\\/#\\\/schema\\\/person\\\/bca5e131317b8b79bebf2eddd402d87d\"},\"headline\":\"Trade Compliance For Travel Companies? 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She writes extensively about global trade, transportation and logistics. When she surfaces from her laptop, Anne enjoys hiking, travelling and cooking. She also owns far too many books.\",\"url\":\"https:\\\/\\\/www.qad.com\\\/blog\\\/author\\\/anne-sexton\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Trade Compliance For Travel Companies? Five Areas of Risk You Should Know | QAD Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.qad.com\/blog\/2018\/05\/trade-compliance-for-travel-companies-five-areas-of-risk-you-should-know","og_locale":"en_US","og_type":"article","og_title":"Trade Compliance For Travel Companies? 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What doesn\u2019t come immediately to mind, if at all, is a popular global industry that serves millions of persons a day, yet is subject to a host [&hellip;]","og_url":"https:\/\/www.qad.com\/blog\/2018\/05\/trade-compliance-for-travel-companies-five-areas-of-risk-you-should-know","og_site_name":"QAD Blog","article_publisher":"https:\/\/www.facebook.com\/QADerp","article_published_time":"2018-05-24T22:30:27+00:00","article_modified_time":"2023-01-17T23:31:51+00:00","og_image":[{"width":1200,"height":632,"url":"https:\/\/www.qad.com\/blog\/wp-content\/uploads\/2023\/01\/Plane-against-orange-clouds.jpg","type":"image\/jpeg"}],"author":"Anne Sexton","twitter_card":"summary_large_image","twitter_creator":"@QAD_Community","twitter_site":"@QAD_Community","twitter_misc":{"Written by":"Anne Sexton","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.qad.com\/blog\/2018\/05\/trade-compliance-for-travel-companies-five-areas-of-risk-you-should-know#article","isPartOf":{"@id":"https:\/\/www.qad.com\/blog\/2018\/05\/trade-compliance-for-travel-companies-five-areas-of-risk-you-should-know"},"author":{"name":"Anne Sexton","@id":"https:\/\/www.qad.com\/blog\/#\/schema\/person\/bca5e131317b8b79bebf2eddd402d87d"},"headline":"Trade Compliance For Travel Companies? 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