Office of Foreign Assets Control Policy
This Office of Foreign Assets Control Policy Template addresses 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
- Instant Payments – Topic 11
- Cyber-Related Sanctions – Topic 12
- Illicit Drug Trade Sanctions – Topic 13
- Department Policies and Procedures – Topic 14
- Audit Policy – Topic 15
- Staff Training – Topic 16
- Retention of Documentation – Topic 17
Recent updates to this product:
OFAC Final Rule – Inflation Adjustment of Civil Monetary Penalties
U.S. Treasury Recent Action – Publication of Illicit Drug Trade Sanctions Regulations
OFAC Communique – Sanctions Compliance Guidance for Instant Payment Systems
OFAC – Amendment to the Cyber-Related Sanctions Regulations and Associated Administrative List Updates
This Office of Foreign Assets Control Policy Template (approximately 78 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 Template – Comprehensive Version.
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