Office of Foreign Assets Control Policy
This Office of Foreign Assets Control Policy addresses how a bank, credit union, fintech company, 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
- Reporting – Topic 8
- Prohibited Transactions – Topic 9
- Automated Clearing House Transactions – Topic 10
- Cross Border Wire Transfers – Topic 11
- Instant Payments – Topic 12
- Cyber-Related Sanctions – Topic 13
- Illicit Drug Trade Sanctions – Topic 14
- Department Policies and Procedures – Topic 15
- Audit Policy – Topic 16
- Staff Training – Topic 17
- Retention of Documentation – Topic 18
Recent updates to this product:
10/15/24 Update
OFAC Final Rule – Reporting, Procedures and Penalties Regulations
09/16/24 Update
OFAC Interim Final Rule – Reporting, Procedures and Penalties
06/03/24 Update
OFAC Interim Final Rule – Reporting, Procedures and Penalties Regulations
03/04/24 Update
OFAC Final Rule – Inflation Adjustment of Civil Monetary Penalties
This Office of Foreign Assets Control Policy (approximately 77 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
NOTE: The complete contents of this product are also included in the Bank Secrecy Act Policy – Comprehensive Version.
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