Description
Provides key information relative to OFAC laws and regulations that are part of bank employees’ daily responsibilities. Explains the overall purpose and background of OFAC. Describes the purpose and use of the blocked persons list, as well as the general guidelines for handling matched names and blocked funds.
What You’ll Learn
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
