Description
This course explains how the Office of Foreign Assets Control’s (OFAC) economic sanctions work and banks’ responsibilities with regard to sanctions programs. It describes how banks screen to prevent bad actors from using the U.S. financial system and profiting from their bad acts, including recommended actions when banks identify a potential match with someone on the OFAC sanctions list.
The course describes the essential components of a sanctions compliance program, what banks may tell customers about blocked funds and reporting, and recordkeeping requirements.
What You’ll Learn
After completing this course, students will be able to:
- Explain how the economic sanctions list of the Office of Foreign Assets Control (OFAC) works, and banks’ responsibilities to comply with sanctions programs
- Describe how and when banks screen to prevent those on the OFAC sanctions list from accessing the financial system and engaging with banks and others
- Describe what banks should do when they identify a potential match between a company, country, or individual they have screened and the OFAC sanctions list
- Describe what banks may tell customers about blocked funds
- Explain reporting and record keeping requirements
