Guidance on the United States sanctions compliance programmes published by OFAC

Earlier this year the United States Treasury Department’s Office of Foreign Assets Control (OFAC) has published a “Framework for OFAC Compliance Commitments” in order to provide organizations subject to U.S. jurisdiction, as well as foreign entities that conduct business in or with the United States or U.S. persons, or that use U.S.-origin goods or services, with OFAC’s 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, and contains an appendix outlining several of the root causes that have led to apparent violations of the sanctions programs that OFAC administers. OFAC recommends all organizations subject to U.S. jurisdiction review the settlements published by OFAC to reassess and enhance their respective SCPs, when and as appropriate.

For more information click here:- framework_ofac_cc

 

 

 

 

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