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.
What You’ll Learn
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
After completing this course, students will be able to: