Bank Secrecy Act for Frontline Employees: 05. Office of Foreign Assets Control

The Office of Foreign Assets Control, or OFAC, is a division of the Treasury Department. Their role is to administer and enforce economic sanctions programs against countries or groups of individuals such as terrorists and traffickers. When economic sanctions are initiated, OFAC is responsible for ensuring that no one conducts business with that entity and that sanction guidelines are followed. In this program, we'll go over how these sanctions work, review screening against the Specially Designated Nationals List, or SDN, and cover what to do if someone who's flagged tries to bank with you.