OFAC Policy Template Update Details

What's Revised

Topic 2 - Policy Statement. The first three paragraphs and two bullet points of the "General" subtopic were revised.

Topic 6 - Risk Management and Assessment. The following subtopics were added:

Enterprise Wide BSA, AML and OFAC Compliance Program

Foreign Branches and Offices of U.S. Banks

Non-Bank Financial Institutions

The following subtopics were revised:

Quantity of Risk Standards

Correspondent Accounts (bullet points 1.-9. and the remaining paragraphs)

Electronic Banking

Funds Transfers (formerly called "Wire Transfers")

Automated Clearing House Transactions (last three paragraphs)

Privately Owned Automated Teller Machines

Trade Finance Activities

Topic 8 - Prohibited Transactions. Only the name of this topic was revised to mirror the subject description in the FFIEC BSA/AML Examination Manual.

Topic 9 - Automated Clearing House Transactions. This entire topic was revised.

Table of Contents

Purpose and Contents - Topic 1

Policy Statement - Topic 2

OFAC Background, Enforcement and Penalties - Topic 3

Definitions - Topic 4

Structure of Accountability - Topic 5

Risk Management and Assessment - Topic 6

Screening and Blocking Processes - Topic 7

Rejecting Transactions - Topic 8

Automated Clearing House Transactions - Topic 9

Department Policies and Procedures - Topic 10

Audit Policy - Topic 11

Staff Training - Topic 12

Retention of Documentation - Topic 13

Ordering Information

This revised product is available to purchase from Bankpolicies.com for:

$275.00 - List Price

- or -

$50.00* - Update Price

*Applies only to clients who have purchased the Office of Foreign Asset Control Policy Template within the last three years in addition to the following prior updates (if applicable):

Office of Foreign Asset Control Policy Template Update - 09/12/06 - $25.00

Office of Foreign Asset Control Policy Template Update - 02/21/06 - $100.00

If you have ordered this product after 08/27/07 you are eligible to receive the product update at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies).

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