Compliance: What should credit unions know about OFAC compliance?

It its latest “Back to Basics” CompBlog post, CUNA’s compliance staff examines a number of things credit unions should know about Office of Foreign Assets Control (OFAC) compliance.

OFAC is part of the U.S. Treasury, and it enforces and administers sanctions programs and furthers national security goals.

Things credit unions should know about OFAC compliance includes:

• OFAC Lists: OFAC publishes and maintains lists dealing with targeted and sanctioned countries, and most credit unions use some type of software to screen the thousands of names on the lists;
• “Blocking” Assets & Rejecting Transactions: Credit unions must block property and in some cases reject transactions involving any country, entity or individual appearing the OFAC List;

 

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