Which of the following must comply with OFAC sanctions? Which statement is correct? What must financial institutions do if they suspect a transaction is being conducted with a sanc... Which of the following must comply with OFAC sanctions? Which statement is correct? What must financial institutions do if they suspect a transaction is being conducted with a sanctioned party?
Understand the Problem
The question is asking about compliance with OFAC (Office of Foreign Assets Control) sanctions, specifically which parties must comply and which statements about sanctions are correct. It also asks what actions financial institutions should take if they suspect a transaction involving a sanctioned party.
Answer
All of these, not every suspect is sanctioned, block and report transactions.
US citizens, firms using US banking systems, and US firms operating internationally must comply with OFAC. Not every suspect of money laundering is subject to sanctions. Financial institutions must block and report suspicious transactions.
Answer for screen readers
US citizens, firms using US banking systems, and US firms operating internationally must comply with OFAC. Not every suspect of money laundering is subject to sanctions. Financial institutions must block and report suspicious transactions.
More Information
OFAC is responsible for enforcing economic and trade sanctions against countries, entities, and individuals.
Tips
It's important not to assume that every suspect in money laundering or terrorism financing is automatically sanctioned.
Sources
- 11. Who must comply with OFAC sanctions? - ofac.treasury.gov
- BSA/AML Manual, Office of Foreign Assets Control - bsaaml.ffiec.gov
- Blocked Transactions: What Banks and Businesses Need to Know - federal-lawyer.com
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