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OFAC publishes guidance on sanctions compliance program

09 May 2019

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) in early May published A Framework for OFAC Compliance Commitments to offer its perspective on the essential components of a sanctions compliance program. 

This document is intended to provide organizations with a framework for the five essential components of a risk-based sanctions compliance program while outlining how OFAC may incorporate these components into its evaluation of apparent violations and resolution of investigations resulting in settlements. 

It also contains an appendix outlining several of the root causes that have led to apparent violations of the sanctions programs that OFAC administers.

“As the United States continues to enhance our sanctions programs, ensuring that the private sector implements strong and effective compliance programs that protect the U.S. financial system from abuse is a key part of our strategy,” said Sigal P. Mandelker, Under Secretary for Terrorism and Financial Intelligence.

“OFAC developed this framework in our continuing effort to strengthen sanctions compliance practices across the board,” said Andrea M. Gacki, Director of the Office of Foreign Assets Control. 

“This underlines our commitment to engage with the private sector to further promote understanding of, and compliance with, sanctions requirements.”

The document is available here.

Published: 9 May, 2019

 

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