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ABA: The American Bankers Association
Compliance News

OFAC Publishes Framework for OFAC Compliance

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on May 2 published "A Framework for OFAC Compliance Commitments." The framework is meant to assist U.S. and foreign entities that conduct business in or with the United States or use U.S.-origin goods or services, with a framework on the essential components of a sanctions compliance program. While OFAC acknowledges that each risk-based sanctions compliance program will vary depending on the company's size and location, each program should have at least five essential components of compliance: management commitment; risk assessment; internal controls; testing and auditing; and training.