Office of Foreign Assets Control (OFAC)


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

Learning Objectives

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

Audience

Bank personnel who have deposit or lending responsibilities.

​Course Credits

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​Questions? Please contact training@aba.com for more information.
 

 Benefits of Self-Paced Training

 
  • Ultimate flexibility
  • Quizzes to support learning
  • Mobile format available
 

 Frontline Compliance

 
This course is available to ABA Member banks at no cost under a license agreement. Learn more
 

 Registration & Pricing

 

ABA Member • $55
Non-Member • $75

 

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