Oberheiden – OFAC has become increasingly active in recent years, and it is devoting substantial government resources to identifying illicit activity and pursuing enforcement actions.
Among all areas of statutory and regulatory compliance, OFAC compliance is one of the most unique. Financial institutions and companies that are subject to OFAC’s oversight face unique compliance obligations, and they must often address these obligations in unique circumstances. With this in mind, here are the keys to developing and implementing an effective OFAC compliance program in 2023:
- Leveraging OFAC’s Compliance Resources
- Developing a Custom-Tailored OFAC Compliance Program
- Testing, Auditing, and Documenting Compliance
- Engaging with OFAC as Necessary
- Monitoring for Additional Compliance Program Needs
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