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Identity Verification, Regulatory Compliance
and Enhanced Due Diligence Tools |
Software Solutions for Travel Agencies
Because of the international emphasis of compliance regulations, the travel industry has a great deal of exposure to money laundering and OFAC compliance violations. Penalties for violations can be severe. All of the following are examples of potential travel industry violations:
- Making travel arrangements to, from, or within a blocked country
- Booking a plane ticket to a sanctioned country, even through third-world countries
- Arranging travel for anyone whose address is in a sanctioned country
- Booking travel with any blocked airline
- Doing business with specified tour companies
- Using the services of unauthorized travel service providers
There are thousands of blocked entities. Processing unauthorized
transactions involving any of these entities can result in severe penalties.
USA PATRIOT Act and OFAC regulations are designed to reduce
the incidence of the aforementioned crimes while helping
to mitigate any associated risks.
What is OFAC and the USA PATRIOT Act? What practical steps
can be taken to comply with these and other government
regulations while mitigating various forms of risk? You
may find Practical OFAC Principles and Practical USA PATRIOT Act Principles helpful
in answering these questions.
Compliance with these regulations
is often very complex and time-intensive. With advanced identity verification and watchlist screening, Bridger Insight™ XG is designed to help you simplify the complex duty
of compliance, while protecting your company's most valuable
asset... your good reputation. Bridger Insight XG is our
premier USA PATRIOT Act and OFAC compliance solution. |
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