Office of Foreign Assets Control (OFAC) for Compliance Professionals


Discusses 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. Explains the fundamental requirements of a compliance program and the relationship between OFAC and BSA are also covered.

 
Updated: Mar. 2017
 

Learning Obj​​​​ectives

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

​Audience

Compliance and risk management professionals including compliance managers, officers, and other team members whose primary role is within the compliance function at their financial institution; bank examiners, bank regulators, and auditors.​

Course Credits


Your Instructor

Robert G. Rowe, III
Vice President & Associate Chief Counsel, Regulatory Compliance
American Bankers Association
Rob is Vice President and Associate Chief Counsel, Regulatory Compliance, for the American Bankers Association (ABA). Rob represents ABA members on compliance issues involving the Bank Secrecy Act and Anti-Money Laundering, Community Reinvestment Act, fair lending, and privacy. Rob also serves as ABA's liaison for military issues. Rob currently represents the ABA on the U.S. Treasury Department's Bank Secrecy Act Advisory Group (BSAAG).
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​​​​Questions? Contact ABA Training​ for more information.
 

 Benefits of Self-Paced Training

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

 Registration & Pricing

 

Individual Purchase:
ABA Member • $275
Non-Member • $375

Purchase for a Team:
To license this course to your bank for multiple learners, please contact ABA Training.

 

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