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Office of Foreign Assets Control (OFAC) Policy

$175.00

The purpose of this Office of Foreign Assets Control (OFAC) Policy Template is to address how a bank, credit union, or other type of financial institution complies with Office of Foreign Assets Control (OFAC) laws, rules and regulations.  In general, OFAC is an office of the U.S. Treasury that administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against entities such as targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction and transnational organized crime.

Description

Office of Foreign Assets Control Policy

The purpose of this Office of Foreign Assets Control Policy Template is to address how a bank, credit union, or other type of financial institution complies with Office of Foreign Assets Control (OFAC) laws, rules and regulations. In general, OFAC is an office of the U.S. Treasury that administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against entities such as targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction and transnational organized crime.

Table of Contents

  • Purpose and Contents – Topic 1
  • Policy Statement – Topic 2
  • OFAC Background, Enforcement and Penalties – Topic 3
  • Definitions – Topic 4
  • Structure of Accountability – Topic 5
  • Risk Management and Assessment – Topic 6
  • Screening and Blocking Processes – Topic 7
  • Prohibited Transactions – Topic 8
  • Automated Clearing House Transactions – Topic 9
  • Cross Border Wire Transfers – Topic 10
  • Department Policies and Procedures – Topic 11
  • Audit Policy – Topic 12
  • Staff Training – Topic 13
  • Retention of Documentation – Topic 14

This Office of Foreign Assets Control Policy Template (approximately 45 pages) is available to purchase from BankPolicies.com in Microsoft® Word format for $175.00.

NOTE: The complete contents of this product are also included in the Bank Secrecy Act Policy Template – Comprehensive Version.

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When updates are made you will receive detailed information regarding why the product was updated and what has changed within the product in our Product Update Notification e-mail correspondence. This enables you to make an informed decision on whether to make any changes to the policy or procedure you implemented for your financial institution from the revised template.

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