Office of Foreign Assets Control (OFAC)

Course Number: ABA

Course Code: ABA

Office of Foreign Assets Control (OFAC) provides key information relative to OFAC laws and regulations that are part of bank employees’ daily responsibilities. This course explains the overall purpose and background of OFAC. It provides the purpose and use of the blocked persons list, as well as the general guidelines for handling matched names and blocked funds.

Updated: Mar. 2019
Re-versioned: Feb. 2016

What You’ll Learn
After completing this course, students will be able to:

-Explain the background of OFAC and the purpose of economic and trade sanctions
-Describe who must comply with OFAC regulations
-Describe the penalties for noncompliance
-Describe the purpose and use of the OFAC Specially Designated Nationals and Blocked Persons List
-Describe how to handle a matched name
-Describe how to handle blocked or rejected transactions
-Identify reports that must be made to the United States Treasury

Audience: Bank personnel who have deposit or lending responsibilities.

Prerequisites: None

Register Now

Member Price: $55.00
Non-Member Price: $75.00
Textbook Charge: $0.00

Credits: 0.5 CCTS, CFSSP, CLBB, CRCM, CSOP, CAFP

Length: 20 min

ABA Training