Bank Secrecy Act and Anti-Money Laundering
Agencies, Organizations, and Reference Sources
Office of Foreign Assets Control (OFAC)
OFAC, of the US Department of the Treasury, administers and enforces economic and trade sanctions based on US foreign policy and national security goals. OFAC is also responsible for issuing regulations that restrict transactions by US persons or entities (including banks) with certain foreign countries, their nationals, or specially designated nationals (SDN). Violations of these sanctions can expose banks to enforcement authority and/or substantial penalties.
FDIC encourages banks to implement a compliance program that includes: a designation of a compliance officer responsible for monitoring compliance with the program; a system of internal controls and procedures for regular screening of bank transactions and customers against the OFAC SDN list; training of employees; and independent test of compliance with the program.
Screening of transactions and customers may be performed by computer software or manually searched. If screening is computerized, OFAC offers the SDN list in Delimited and XML versions that can be imported into some software programs. There are also several record search software packages available commercially.
For any questions, OFAC encourages banks to contact its Compliance Hotline at: 1-800-540-6322. OFAC maintains current information and Frequently Asked Questions on its website at: http://www.treas.gov/offices/enforcement/ofac/.
Additionally, the following links found on the OFAC website may be of particular interest.
- OFAC Regulations by Industry
- List of Specially Designated Nationals and Blocked Persons
- OFAC Economic Sanctions Enforcement Guidance (PDF Help)
- OFAC Legal Library (Sanctions Programs)