Links in “Office of Foreign Assets Control (OFAC)”
- OFAC Uses 50% Rule to Impose Penalty
The U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) announced the first settlement of apparent violations based on its â50 Percent Ruleâ that mandates blocking entities that are 50% or more owned by a blocked person. The $2.5 million fine shows the importance of understanding customer ownership. [2/10/16]
- OFAC Issues Guidance on False Hit Lists
A recent enforcement action triggered OFAC to issue guidance on the maintenance of false hit lists so that other institutions can avoid the costly mistake made by Harris Bank NA. The guidance provides a number of good recommendations, including ensuring that your false hit lists are updated every time there are updates to OFACâs sanctions programs. [10/27/15]
- Kingpin Act Catches Up With Rosenthal Money Laundering Organization
OFAC took action against three Honduran businessmen and seven businesses under the Kingpin Act for playing a significant role in international Narcotics Trafficking. Banco Continental S.A. is deemed to have served as an integral part of the Rosenthal money laundering operation. [10/8/15]
- OFAC targets MS-13
Three members of the notorious Central American gang known as the Mara Salvatrucha (MS-13) were included under OFAC for restricted transactions with U.S. persons. The TCO designation action is the first against a transnational criminal street gang by the Treasury Department. [4/17/15]
- Let PayPal’s OFAC Settlement be a Guide
PayPal's recent settlement with the Office of Foreign Asset Control (OFAC) stands as a reminder of the importance for all financial institutions to maintain an adequate sanctions compliance program. PayPal's settlement of $7,658,300 was mainly from processing payments of an individual involved in a nuclear proliferation network. [4/15/15]
- Curry’s Speech to Foreign Agencies & Branches Highlights BSA Importance
A recent speech by the OCC's Curry before the Federal Agencies and Branches Outreach Meeting highlights BSA & OFAC requirements and OCC expectations for a sound, dynamic response to risks. [2/6/15]
- Treasury Issues Rule to Implement Cuban Sanction Changes
The Treasury Departmentâs Office of Foreign Asset Control issued a final rule to implement changes to the sanctions imposed on Cuba. The changes affect remittances, permit U.S. financial institutions to open correspondent accounts at Cuban financial institutions, and authorize certain transactions with Cuban nationals located outside of Cuba. [1/16/15]
- New Look for OFAC’s Specially Designated Nationals List
The U.S. Department of the Treasury recently released a new design for the Office of Foreign Assets Control's Specially Designated Nationals and Blocked Persons (SDN) List. The new list was created in order to establish a universal sanctions list format that can be used by governments to promote greater sanctions compliance. [1/6/15]
- OFAC Amendments on the Horizon
In light of President Obamaâs move to re-establish diplomatic relations with Cuba, the Treasury Departmentâs Office of Foreign Assets Control (OFAC) has announced that it will be making changes to its Cuban Assets Control regulations. Watch for these changes to be announced in the coming weeks. [12/31/14]
- Heavy Price Tag for Whitewashing Report on Transactions with Countries Subject to U.S. Sanctions
Bank of Tokyo-Mitsubishi's compliance manager asked PricewaterhouseCoopers to remove key information about the bank's misconduct in reporting transactions involving countries subject to U.S. sanctions. The move resulted in fines of $315 million, resignations, reassignments and bans. [11/19/14]
