When may Office of Foreign Assets Control (OFAC) sanctioned-related transactions be allowed that would otherwise be prohibited?

The correct answer is B. Through an OFAC licensing process to determine that the transaction does not undermine the US. The Office of Foreign Assets Control (OFAC) administers and enforces economic sanctions programs[2], which are designed to protect US national security, foreign policy, and economic interests. Transactions that would otherwise be prohibited can be allowed through an OFAC…

AML/CFT Compliance Programs

Question

Options

AWhen the bank's board of directors approves the OFAC risk appetite for sanction-related
BThrough an OFAC licensing process to determine that the transaction does not undermine the US
COnly when the federal banking regulator provides OFAC approval before the transactions are
DAfter going through a robust internal OFAC audit process that reviews sanction-related risks

How the community answered

(25 responses)

A
8% (2)
B
80% (20)
C
4% (1)
D
8% (2)

Explanation

The Office of Foreign Assets Control (OFAC) administers and enforces economic sanctions programs[2], which are designed to protect US national security, foreign policy, and economic interests. Transactions that would otherwise be prohibited can be allowed through an OFAC licensing process, in which the OFAC evaluates the request to determine that the transaction does not undermine US policy objectives.

Topics

#OFAC sanctions#licensing process#prohibited transactions#sanctions compliance

Community Discussion

No community discussion yet for this question.

Full CAMS Practice