Your OFAC compliance program is an important piece of our national security.  We will review the components of a compliance program and how OFAC assesses fines and penalties to banks.  This webinar is a good overview of everything you need to make sure you are in compliance with OFAC.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Russia-related Directive 2 and Directive 3 under Executive Order 14024 and Russia-related General License 5, General License 6, General License 7, General License 8, General License 9, General License 10, General License 11, and General License 12.  OFAC is also issuing Belarus General License 6 and General License 7.  In addition, OFAC has published new Frequently Asked Questions and updated several Frequently Asked Questions.

Names have been added to OFAC's list of Specially Designated Nationals list (SDN List), the Non-SDN Menu-Based Sanctions list (NS-MBS List), and the Correspondent Account or Payable-Through Account Sanctions (CAPTA List).

Topics include:

• What is OFAC?
• How to do a risk assessment
• Internal Controls
• Compliance Officer
• Training
• Audit
• Rejecting a transaction and reporting
• Blocking a transaction and reporting
• Annual report for OFAC