OFAC-issued regulations apply to which entities? (Choose two.)

The correct answer is C. Foreign subsidiaries of US banks D. US branches of a foreign bank. OFAC-issued regulations apply to all U.S. persons, including U.S. banks, bank holding companies, and non-bank subsidiaries, regardless of where they are located. This means that foreign subsidiaries of U.S. banks and U.S. branches of a foreign bank are also subject to OFAC compli

AML/CFT Compliance Programs

Question

Options

AIntermediaries transacting with US banks
BForeign banks with US customers
CForeign subsidiaries of US banks
DUS branches of a foreign bank
EForeign import-export companies

How the community answered

(38 responses)

A
5% (2)
B
13% (5)
C
79% (30)
E
3% (1)

Explanation

OFAC-issued regulations apply to all U.S. persons, including U.S. banks, bank holding companies, and non-bank subsidiaries, regardless of where they are located. This means that foreign subsidiaries of U.S. banks and U.S. branches of a foreign bank are also subject to OFAC compliance. However, intermediaries transacting with U.S. banks, foreign banks with U.S. customers, and foreign import- export companies are not necessarily subject to OFAC regulations, unless they are involved in transactions that involve U.S. jurisdiction or U.S. persons.

Topics

#OFAC regulations#sanctions jurisdiction#US subsidiaries#foreign branches

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