A discussion of the economic sanctions programs under the Office of Foreign Assets Control or OFAC, how they affect banks and the steps banks must take to comply. The fundamental requirements of a compliance program and the relationship between OFAC and BSA is also covered.
After completing this course, students will be able to:
• Describe the purpose of the Office of Foreign Assets Control and some of the OFAC laws and penalties
• Explain who and what is covered by OFAC requirements and other related sanction programs
• Describe elements of an OFAC bank compliance program
• Explain how OFAC enforces sanctions compliance
• Describe additional considerations for banks when developing a sanctions compliance program