FOREIGN ASSETS CONTROL: Assessing OCCs Examination of OFAC Compliance Was Hampered by Limited Documentation. Audit Report

摘要

The mission of OFAC, an office within the Department of the Treasury, is to administer and enforce economic and trade sanctions, based on U.S. foreign policy and national security goals, against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction. All U.S. persons, including U.S. banks, bank holding companies, and nonbank subsidiaries must comply with OFAC regulations. OFAC regulations involve blocking accounts and other assets of the specified countries, entities, and individuals and rejecting financial transactions with specified countries, entities, and individuals. If financial institutions fail to block or reject prohibited transactions, OFAC has the authority to impose civil monetary penalties against them. OFAC sanctions can reach into virtually all areas of banking operations.