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OFAC: Economic Sanctions Enforcement Procedures for Banking Institutions

ABA Contact: Rich Riese
Published: 71 Federal Register 1971; January 12, 2006
Disposition: Filed

Update: See 2007 Regulatory Proposals Chart for revised ANPR

Summary

Acting through an interim final rule, OFAC has replaced the January 2003 proposed Enforcement Guidelines with new enforcement procedures applicable to banks. These procedures recognize "that each banking institution's situation is different and that its compliance program should be tailored to its unique circumstances" and builds upon the compliance approach described in the Interagency BSA/AML Manual's section on OFAC. The new procedures outline OFAC's oversight process and frequency, identify factors affecting its decisions to take administrative action and contain risk matrices and description of sound OFAC compliance program components. The procedures are effective in 30 days, but the agency invites comment for 60 days.

2006 Regulations Chart
Federal Register Notice
ABA Comment Letter