What U.S. Federal Bank Examiners Look for in Their OFAC Compliance Examinations (Recorded Video)

The US Federal Financial Institutions Examination Council’s AML/BSA Examination Manual provides detailed guidance to examiners for carrying out Office of Foreign Assets Control (OFAC) examinations.

The 442-page Manual mentions OFAC on 70 pages, and provides vital guidance to compliance officers on identifying and controlling risks associated with economic sanctions.

The webinar, featuring an examiner from the Federal Reserve, contains an overview of regulatory expectations with regards to OFAC compliance program elements. Speakers will also cover OFAC risk management expectations, industry sound practices, and examination procedures.

How will an examiner assess a risk-based OFAC compliance program to evaluate whether it is appropriate for the bank’s OFAC risk? What samples will an examiner take to test the bank’s OFAC screening program for adequacy? What essential elements does an examiner want to see when pulling out a sample of false hits (potential matches) to check their handling?


Date Aired: 

January 11, 2017


75  minutes


John S. Karansky
Timothy R. White

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