A Framework for OFAC Compliance

On May 2, the Office of Foreign Assets Control published A Framework for OFAC Compliance Commitments. The Framework includes an expected Sanctions Compliance Program (SCP) that institutions should consider when developing their own risk-based OFAC compliance program. There is no “one size fits all” SCP for institutions, and each institution should establish a risk-based program based on the institution’s size … Read More

Compressed Version of the SDN.XML File Now Available

From the U.S. Department of the Treasury: 2/22/2017 OFAC is now offering a compressed version of its SDN.XML file in order to provide bandwidth savings for users that frequently download this file.  This new file compresses the SDN.XML file by approximately 92%. The new file can be found at the following URL: https://www.treasury.gov/ofac/downloads/sdn_xml.zip This file will be updated at the same time … Read More

Cyber-Related Sanctions

The OFAC list is being updated to include persons engaging in significant malicious cyber-enabled activities. These entries on the OFAC list will include the identifier “[CYBER]”. Property in accounts held by listed persons should be placed in a blocked account, and transfers involving listed persons should be refused – similar to other entities on the OFAC list. This implements Executive … Read More

Update to OFAC FAQs Regarding Cuba Travel-Related Transactions

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has updated its Frequently Asked Questions regarding Cuba travel-related transactions by U.S. financial institutions.  Question #52 has been added: Is a financial institution required to independently verify that an individual’s travel is authorized when processing Cuba travel-related transactions? No. A financial institution may rely on U.S. travelers to provide their certifications … Read More