Links in “Office of Foreign Assets Control (OFAC)”
- OFAC’s New List
...Is a consolidation of all of its non-Specially Designated Nationals lists. Now you can find all of these lists in one place, the Consolidated Sanctions List. [10/20/14]
- Does Recent Court Decision Suggest Banks Will Need to Maintain Private Terrorist Lists?
New York jury finds Jordan's Arab Bank liable for Hamas terrorist violence, even though the problematic customers were not on official terrorist blacklists. Plaintiffs' attorneys argued that, even so, the links to terrorist organizations were obvious. [9/25/14]
- NAFCU Submits Detailed Recommendations for Bylaw Changes
NAFCU has submitted a comment letter to NCUA that provides detailed recommendations for revisions to the Federal Credit Union Bylaws. NAFCU has identified many areas where the bylaws need to be updated to better reflect current operating practices. In addition, the trade association recommends changes that, among other issues, would facilitate the expulsion of members who have committed crimes against the credit union or whose names appear on an OFAC list and would clarify the nominating process. [7/16/14]
- NCUA to Air Second Part of Webinar Series on Compliance with OFAC and FinCEN
NCUA is hosting the second part of its free webinar series entitled âHow to Be in Compliance with OFAC and FinCENâ on Wednesday, June 25th at 2:00 pm EST. The webinar will feature senior staff members from both OFAC and FinCEN who will discuss real scenarios and case studies. [6/18/14]
- NCUA Pumps Up the BSA Volume
NCUA will be hosting a series of free webinars starting May  21, 2014, which will provide an overview of OFAC's and FinCEN's programs, enforcement authority, and relationships with other regulators. Leading experts will include Adam Maddox (OFAC Sanctions Compliance Officer), Andrea Sharrin (Financial Crimes Enforcement Network), and Stephanie Brooker (Financial Crimes Enforcement Network). [5/6]
- You Must Be Mistaken: The Impact of False Positives on the OFAC List
With most hits on the OCAF list being false positives, this article takes a look at the impact on the relationship between the mistaken customer and the bank, which would typically rather lose the customer than risk big regulatory sanctions. [5/1]
- Question: OFAC Check on Vendors?
Questioner has difference of opinion with account payable department about when to run an OFAC check on vendors. Here's the response. [1/31]
- CARDY HARDY HARDY!!
OFAC promotes merits of CARD Act in reducing costs and satisfaction of credit card users, but also notes significant issues remain and commits to resolving those issues. Namely: Add-ons, Fee Harvester Cards, Deferred Interest Products, and various Disclosures. Stay ahead of the curve. Read on! [10/3]
- NCUA Issues Cease and Desist Order For BSA & OFAC Violations
NCUA has issued a C&D against North Dade Community Development FCU for violations of the BSA/AML and OFAC. Among the issues cited were the lack of a BSA Compliance Officer, the lack of a current BSA and OFAC risk assessment, and the lack of an internal BSA monitoring program. In addition, the CU was cited for opening accounts for money service business outside of its field of membership and for inadequately monitoring the activities of other money services businesses within its field of membership. [9/10]
- Survey: AML and OFAC Budgets and Staffing on the Rise
If you're feeling a bit strained by AML and OFAC compliance, you're not alone: 66% of survey respondents report AML and OFAC compliance budget increases over past 3 years, with 32% reporting their budgets were either inadequate or severely inadequate, and only 8% saying that they were devoting enough resources. [7/16]
