Vacation rental company discloses Cuba-related investigation

Airbnb, Inc., an online vacation rental company headquartered in San Francisco, disclosed in its November 16, 2020 S-1 Registration Statement filed in advance of the company’s first public offering, that it has been conducting an internal review into the company’s compliance with US sanctions laws.  Specifically, Airbnb initiated the internal review in July 2019, and received a cautionary letter without an administrative penalty with reference to the Crimea in July 2020.  The company noted further that it had made a voluntary self-disclosure to the Office of Foreign Assets Control of the US Department of the Treasury in September 2020 focusing on business in Cuba and possible interaction with specially designated nationals.  OFAC issued a cautionary letter to Airbnb, without administrative penalties, in October 2020; however, OFAC’s review is ongoing, and the company continues to be in close contact with the agency. 

Form S-1

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