The Office of Foreign Assets Control (OFAC) administers and enforces economic and trade sanctions. Banks must be fully aware of their responsibilities according to OFAC. This Bank Secrecy Act: OFAC Compliance online training course outlines the purpose of OFAC, OFAC compliance program requirements, and blocking transactions.
OFAC compliance is not a part of the Bank Secrecy Act (BSA). However, because OFAC compliance examinations usually happen at the same time as BSA compliance examinations and because serious civil penalties can result from failure to comply with OFAC, banks must be fully aware of their responsibilities according to OFAC.
Course Learning Objectives
By taking this online Bank Secrecy Act: OFAC Compliance course, the user will learn to:
- State the purpose of an OFAC compliance program
- Outline the contents of an OFAC compliance program
- Explain the meaning of "blocking" and "blocked account"
This online Bank Secrecy Act: OFAC Compliance course is made up of the following sections:
This Bank Secrecy Act: OFAC Compliance online training course was designed for bank employees.
If you have any concerns as to whether this course is appropriate for you or your industry, please browse our full selection of online courses.