OFFICE OF FOREIGN ASSESTS CONTROL

Question 1

What is the function of OFAC?

Answer 1

To administer and enforce a series of laws imposing economic and trade sanctions against targeted hostile foreign countries and their agents, terrorism
sponsoring agencies and organizations, and international narcotics traffickers.

Question 2

What is the best way to avoid an OFAC violation?

Answer 2

Keep a current OFAC list; decline member requests involving persons or entities appearing on that list; check NCUA’s Regulatory Alerts listing blocked persons and countries; and utilize the resources offered by OFAC.

Question 3

Does OFAC require any reports from a credit union?

Answer 3

Any blocked or rejected transactions must be reported to OFAC within 10 days of the block or rejection and an annual report of blocked property must be filed each September 30 with OFAC.