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| Latest ‘Compliance 101’ examines OFAC |
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The latest entry in America’s Credit Unions’ Compliance 101 series, a look into the Office of Foreign Assets Control (OFAC), is now available for members. As a division of the Treasury, the agency administers and enforces economic and trade sanctions against targeted countries and their agents, terrorism sponsoring organizations, and international narcotics traffickers.
Financial institutions are required to maintain an OFAC compliance program. The Compliance 101 entry details those requirements, as well as:
• Information on OFAC lists;
• Prohibited transactions; and
• Requirements for reporting, record retention, account opening, screening existing members, and domestic/international ACH transactions.
Watch for new editions of the Compliance 101 series addressing topics of high interest for credit unions. Previous entries cover governance, payments, accounts, share insurance topics, and the Bank Secrecy Act.
The full series is available in the Compliance Resource Library, along with FAQs, a compliance calendar, and other resources.
Copyright © 2024-2026 America's Credit Unions. (link) |
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