OFAC has released a revised Risk Factors for OFAC Compliance in the Securities Industry on 11/05/2008. This release includes guidance regarding some specific risk factors relevant to firms in the securities industry.
Tag Archives | OFAC
Opening Securities and Futures Accounts from an OFAC Perspective
The Office of Foreign Assets Control published new guidance specific to the securities industry on 11/06/2008: Opening Securities and Futures Accounts from an OFAC Perspective A strong OFAC compliance program consists of procedures that are similar to those found in a brokerage firm’s Customer Identification Program (“CIP”). Firms should use risk-based measures for verifying the [...]
Effects of FinCEN’s Withdrawal of Rule-Making on Anti-Money Laundering
Last week, FinCEN withdrew a proposed rulemaking for anti-moneylaundering procedures for unregistered investment companies. [See: FinCEN Withdraws Proposed Rulemaking for Unregistered Investment Companies] FinCEN warned that they have not abandoned plans for rule-making. They merely felt that after six years the notice had gone stale. FinCEN may come out with AML program rule proposal, but would [...]
Specially Designated Nationals and Blocked Persons List Updated
The Office of Foreign Assets Control has just updated the Specially Designated Nationals and Blocked Persons List. It is a big list. The .pdf file is 404 pages long. The separate file of additions in 2008 is 106 pages long. Here are the new bad guys added on October 30, 2008: ABDELRAHIM, Abdelbasit (a.k.a. ABDUL [...]
The Specially Designated Nationals List (SDN)
The Office of Foreign Assets Control in the Treasury Department keeps the Specially Designated Nationals List (SDN). The Specially Designated Nationals List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.
