Enforcement Procedures for Banking Institutions

The Federal Register has published OFAC's new Economic Sanctions Enforcement Procedures for Banking Institutions Regulated by FFIEC-member Supervisory Agencies in today's edition. This interim final rule goes into effect for enforcement cases involving banking institutions in 30 days. OFAC also is seeking the submission of public comments about the new procedures any time over the next 60 days, including suggestions on how OFAC Enforcement Procedures might be made to apply to state-regulated institutions, the insurance and securities industries, and the import/export community.