Office of Foreign Assets Control (OFAC) provides key information relative to OFAC laws and regulations that are part of bank employees' daily responsibilities. This course explains the overall purpose and background of OFAC. It provides the purpose and use of the blocked persons list, as well as the general guidelines for handling matched names and blocked funds.
Updated: January 2017
Re-versioned: Feb. 2016
After completing this course, students will be able to:
- Explain the background of OFAC and the purpose of economic and trade sanctions
- Describe who must comply with OFAC regulations
- Describe the penalties for noncompliance
- Describe the purpose and use of the OFAC Specially Designated Nationals and Blocked Persons List
- Describe how to handle a matched name
- Describe how to handle blocked or rejected transactions
- Identify reports that must be made to the United States Treasury
Bank personnel who have deposit or lending responsibilities.