BSA/AML/CFT compliance is everyone’s job. From the tellers to the President, everyone has some responsibility, whether that’s reporting suspicious activity or something such as filling out Currency Transaction Reports. One such responsibility is ensuring compliance with the Office of Foreign Asset Control (OFAC) regulations. Financial institutions are prohibited from doing any business with persons, entities, organizations or countries that appear on the OFAC list. How your institution goes about ensuring you don’t do business with anyone on the OFAC list is dictated by your policies and procedures and is often risk-based. There’s nothing that mandates institutions to check the OFAC list, but your overall risk of severe penalties is a lot less if you do.
Kevin explains more in the video.
Published
2025/05/29