Introduction to the Office of Foreign Assets Control (OFAC)

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Course Description

This training is for banking staff on how to avoid dealing with sanctioned countries, businesses and persons

There are severe penalties for banks that commit OFAC violations. Staff need to understand how the OFAC works and how to avoid committing violations.

This short, single-module course gives an overview of OFAC, is functions and how it works. The training provides an overview of the Sanctions List and the sorts of individuals and entities that may be included in it.

Learners are introduced to the compliance obligations that OFAC imposes on banks and given information on how they, personally, should act to support the bank in meeting those obligations. The penalties for non-compliance are discussed.

Who is this training for?

The course is a suitable introduction for all banking staff who on-board customers or who handle customer transactions.

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Scenario

Jasmine is an executive officer at My Save Bank, which has its head office in Ohio. While undertaking an audit of pending transactions, she discovers a number of large sums of money being transferred to a foreign national in Yemen. Jasmine is concerned that the account name and details look suspicious and are not what My Save Bank would typically deal with.

What should Jasmine do next?

Retail Banking Compliance Training

This course is part of the Retail Banking Compliance Suite

The courses available are

For more details, click on the course names above.

Course Outline

  • Explain the background and purpose of OFAC
  • Describe who must comply with OFAC
  • Explain the purpose of the SDN list
  • Promote understanding of the penalties for violations, civil and criminal