Frequently Asked Questions

25 … No. There is no single compliance program suitable for every financial institution. OFAC is not itself a bank regulator; its basic requirement is that financial institutions not violate the laws that it administers. Financial institutions should check with their regulators regarding the… Read more

27 … This is primarily a question for your regulator. What constitutes an adequate compliance program depends in large part on who your customers are and what kinds of business you do. Certain areas of bank operations, such as international wire transfers and trade finance, are at a higher risk… Read more

28 … The frequency of running an OFAC scan must be guided by your organization's internal policies and procedures. Keep in mind, however, that if your organization fails to identify and block a target account (of a terrorist, for example), there could be serious consequences such as a transfer of… Read more

29 … There is no prepackaged compliance program that fits the needs of every bank. Banks, obviously, range in size from small to some of the largest institutions in the world. A good starting point is to go to the OFAC website and look under " Regulations by Industry ." Then read the brochure for… Read more

30 … The following information will provide you with areas to consider as you review your OFAC procedures . … How do I know if my compliance program is adequate? …

31 … There are a wide variety of software packages available to the financial community. The size and needs of each institution help to determine what to look for in a package. Some packages are used to interdict sanctioned countries and names on the Specially Designated Nationals or other… Read more