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OFAC Sanctions and Blocked Funds

Created by

@EngrossingHarpGuitar

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Questions and Answers

What may banks tell customers about blocked funds?

That the funds are blocked due to a violation of sanctions regulations

That the bank is responsible for releasing the funds

That the bank has blocked funds in accordance with OFAC's instructions (correct)

That the customer can only contact the bank to seek access to their funds

Who can apply for a license on behalf of a customer in cases of blocked funds?

The customer

No one, except in cases of mistaken identity (correct)

OFAC

The bank

Can banks provide legal advice to customers regarding OFAC's sanctions regulations?

Yes, banks can provide legal advice, but only in certain cases

Yes, banks are required to provide legal advice

It depends on the type of transaction

No, banks should not give legal advice to customers (correct)

Study Notes

Disclosure of Blocked Funds

Banks are allowed to inform customers that their funds have been blocked in accordance with OFAC's instructions.
Customers may contact OFAC directly to seek access to their blocked funds.

Bank's Role in License Applications

Banks do not apply for a license on behalf of the customer or other impacted party, except in cases of mistaken identity.

Bank's Guidance on Sanctions

Banks may discuss potential transactions with customers to determine if they would violate sanctions.
Banks should not provide legal advice to customers regarding OFAC's sanctions regulations.

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Description

This quiz covers the role of banks in OFAC sanctions, including blocked funds and license applications. It explains when banks can inform customers about blocked funds and how they guide on sanctions.