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Bank Secrecy Act: OFAC Compliance

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. This course will discuss the purpose of OFAC compliance program and outline the contents.
SKU: P0132EN
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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"

 

Course Outline

This online Bank Secrecy Act: OFAC Compliance course is made up of the following sections:

  1. Requirements

 

Course Audience

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.

Products specifications
Course LanguageEnglish
Length Range31 - 60 Minutes
Length (Hours)Length (Hours)
Module Number(s)40425EN