OFAC Regulations Fundamentals

The Office of Foreign Assets Control (OFAC), a department of the U.S. Treasury Department, sets forth U.S. sanctions including applicability, targeted parties, prohibited actions, and penalties. Who is required to comply with U.S. sanctions? This practice note covers the fundamentals of U.S. economic sanctions laws and regulations as well as compliance requirements.

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Related Content        

• Sanctions and Penalties for Violations of the Bank Secrecy Act and OFAC Requirements
  Understand the civil and criminal penalties that may be assessed against financial institutions for violating provisions of the Bank Secrecy Act, and anti-money laundering regulations. This practice note discusses the enforcement actions of OFAC.

• OFAC Violation Responses
  Access this practice note to learn how a timely response to OFAC sanctions violations is key. You’ll read about actions and other issues to consider when responding to a violation of U.S. sanctions laws.

• OFAC Violation Response Checklist
  Explore this checklist which outlines the steps and compliance requirements that companies and their counsel must be aware of when responding to an OFAC violation.

• SAR Filing Requirements Checklist
  Review this checklist for guidance on an institution’s obligation to file a Suspicious Activity Report (SAR) with FinCEN.

Practical Guidance Updates

Featuring the latest updates from your Practical Guidance account.                    

• Trends & Insights provides the latest in news articles and insight documents on trending areas for financial service organizations including insightful pieces on OFAC compliance, such as What OFAC Means By A Risk-Based Approach To Compliance.
• Compliance with OFAC, AML, and USA Patriot Act Resource Kit covers key issues, laws, and regulations applicable to in-house lawyers and counsel advising on sanctions, including links to helpful practice notes.
• Access The Fall 2021 Practical Guidance Journal featuring guidance for financial institutions from prominent attorneys on trending areas of law.
• Check out the new Practical Guidance Author Center! Learn about the 1500+ leading attorney authors contributing to our 20 practice areas, and find out how you can Become a Practical Guidance Author.
• Document alerts are now available in Practical Guidance. This allows you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.

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