Office of Foreign Assets Control Policy

$275.00

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.  See more information about this product below.  In addition, we recommend adding a Product Update Protection Plan to your shopping cart to ensure you automatically receive an updated version of this policy template every time it is revised by us via e-mail within one year from the date of purchase.

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:
03/04/24 Update
OFAC Final Rule – Inflation Adjustment of Civil Monetary Penalties

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.

Want to ensure your purchase from BankPolicies.com remains current? Add a Product Update Protection Plan to your shopping cart to ensure that you will automatically receive an updated version every time it is revised via e-mail within one year from the last date of purchase. This timely and cost-effective solution ensures that you stay on top of federal regulatory changes and industry recommended best practices.

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.

BankPolicies.com provides your financial institution with the best bank policy template products available in the industry. You will always be up to date with the latest changes to bank policies and never have to worry about being out of compliance with the various laws, rules and regulations issued by the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve, Office of the Comptroller of the Currency (OCC), or other federal regulatory bodies that may apply to your organization.

Our dedicated staff of career banking industry professionals are ready to keep your financial institution up to date with the latest bank policy standards and industry best practices. Purchase your bank policies from us today and rest easy knowing you have the right team helping you and your organization stay compliant. We look forward to earning your business for all of your bank policy needs.

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