ACAMS
CAMS · Question #451
A non-US bank is implementing a sanctions compliance program. Which extraterritorial reach of Office of Foreign Assets Control (OFAC) regulations would matter the most to the foreign bank?
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Compliance Standards (International AML/CFT Standards and the role of FATF)
Question
A non-US bank is implementing a sanctions compliance program. Which extraterritorial reach of Office of Foreign Assets Control (OFAC) regulations would matter the most to the foreign bank?
Options
- AOFAC administers sanctions based on criminal investigations against targeted foreign individuals.
- BOFAC sanctions programs prohibit transactions and require the blocking of assets of foreign
- COFAC acts only under presidential wartime emergency powers, against countries and foreign
- DOFAC has the power to impose significant penalties on foreign individuals who are found to be in
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Topics
#OFAC#sanctions#extraterritorial jurisdiction#foreign banks