Office of Foreign Assets Control (OFAC) compliance is critical in Hospitality and Travel
Hospitality and travel organizations face complex and constantly changing risk. Most serve global customers; many have global business presence and leverage a worldwide network of vendors and partners. To ensure compliance while maintaining the top-notch service travelers expect, hospitality and travel companies need warning flags that provide immediate visibility into high-risk customer transactions when a customer is subject to sanctions enforced by the Office of Foreign Assets Control (OFAC) in the United States or listed on one of the global watch lists. Strict compliance with trade and economic sanctions, Anti-Bribery and Corruption (ABC) laws and other applicable regulations is equally important in connection with worldwide affiliates.
While some companies screen initial bookings to ensure OFAC compliance, many overlook their customer loyalty programs. Even after customers have been initially vetted, ongoing compliance must be done on the entirety of a company’s customer database.
Now that many major loyalty programs have expanded redemption options beyond free rooms, travel upgrades and reward flights, members can trade points for gift certificates, events and airline tickets and then “gift” these benefits to other individuals. Such gifts can be used to bribe public officials, presenting violations of the Foreign Corrupt Practices Act (FCPA) and other regulations.
LexisNexis® Risk Solutions can help your organization comply with OFAC, ABC, AML and other regulations by screening initial transactions and continually monitoring your loyalty database against global sanctions lists and other compliance red flags.
Our solutions deliver:
- Increased transaction screening efficiency
- Automated customer loyalty database screening
- Over 1.3 million profiles on Politically Exposed Persons (PEP) and their family members and associates, as well as a global database of individuals and entities involved in bribery and corruption
- Over 1,000 sanctions and enforcement sources
- One of the largest data sets of adverse media profiles, compiled from 30,000+ leading worldwide news sources
- More comprehensive profiles with additional unique identifiers resulting in fewer false positives
Minimize reputational, regulatory and financial risk with robust vendor screening
LexisNexis offers powerful research tools to verify the legitimacy and financial stability of your suppliers’ businesses and strengthen compliance. Doing business with the wrong companies can present legal and financial risks and jeopardize your brand reputation. Ever-changing sanctions, anti-bribery and other compliance requirements make regulations difficult to navigate and reliable screening hard to perform. Our industry-leading screening technologies, unmatched watch list data — including robust international records — and other advanced solutions help streamline vendor due diligence while ensuring full adherence to complex federal and international regulations.
Our solutions can help you:
- Improve compliance with sanctions, ABC and AML regulations
- Decrease compliance costs through greater efficiency, increased operational capacity and reduced cycle times
- Help you grow your business while safeguarding against regulatory risk