FSC - The Critical Components of OFAC

The Office of Foreign Assets Control (OFAC) is an important agency all MSB owners and employees should be familiar with. Regulations imposed by OFAC, among other things, block or restrict MSBs from financial transactions with foreign persons, countries, or entities that are known, or suspected to have, ties to terrorist activity or drug trafficking. No matter the size or footprint of your business, this 30-minute course is a must have for compliance managers and business owners. Upon completion of this course, students will be able to explain what OFAC is, the underlying purpose of OFAC requirements, what parties are affected by OFAC, and who is required to comply with the requirements, describe the specific actions for blocking and rejecting that may be taken if a party is restricted by OFAC, and recall the compliance practices, reporting, and record keeping that are required under the OFAC regulations and know about the penalties for noncompliance.