OFAC Training Program: What You Need To Know

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) oversees and implements economic sanctions programs in order to protect the national security and foreign policy interests of the United States. As part of this effort, OFAC conducts training for individuals who may be required to enforce these programs. This article provides an overview of what you need to know if you’re asked to participate in OFAC training, as well as some suggestions for preparing for the experience.

What is OFAC Training Program?

The OFAC Training Program provides authorized training to help U.S. businesses comply with the economic sanctions programs administered by OFAC. The primary objective of the program is to enhance compliance and understanding of these sanctions regimes so that U.S. companies can lawfully conduct business with sanctioned countries and individuals, and support legitimate U.S. objectives abroad.

The OFAC Training Program consists of webinars, interactive seminars, in-person courses, and online resources delivered by experienced professionals from the Treasury Department’s Office of Foreign Assets Control (OFAC). and other relevant agencies. These training modules cover a variety of topics related to sanctions compliance, including identification and analysis of sanctioned entities and individuals; export controls; money laundering; traveler information; frozen assets; and more.

Program Is Available to Both Small Businesses and Larger Enterprises

The program is available to both small businesses and larger enterprises, as well as non-U.S. citizens who are working or doing business in the United States. In addition to offering training opportunities, OFAC also offers customized assistance for companies that have questions about specific sanctions regimes or about how best to comply with them.

What are the responsibilities of an OFAC Training Program?

An OFAC training program is designed to provide individuals with the necessary training to fulfill their responsibilities under the OFAC sanctions program. The responsibilities of an OFAC training program include providing instruction on how to identify and assess potential sanctions violations; how to comply with the sanctions regulations; and how to report suspicious activities.

An OFAC Training Program is responsible for conducting education and training for individuals who interact with OFAC.

The responsibilities of an OFAC Training Program include:

• Providing education and training on OFAC regulations and policies to individuals who interact with OFAC;
• Ensuring that all staff who interact with OFAC are compliant with the sanctions programs;
• Regularly revising and updating the curriculum to reflect changes in sanctions laws and regulations;
• Maintaining records of all education and training provided to individuals, including attendance records, participant evaluations, and any other related documentation;
• Providing assistance to other departments within Treasury that may require training on sanctions regulations.

What is a recent case involving OFAC?

On September 9, 2017, OFAC sanctioned two Russian individuals and a Russian company for their role in supplying the GRU with sensitive information. That used to exploit governmental and private systems in the United States. The individuals and company have been charged with conspiracy to violate the Espionage Act of 1917, conspiracy to commit computer intrusion crimes, aggravated identity theft, wire fraud, and money laundering.

This case is a reminder that sanctions can be used to target individuals or companies involved in serious violations of U.S. law. If you are aware of or suspect any violations involving an individual or entity subject to U.S. sanctions. Please contact OFAC immediately.

How can you prepare for a potential OFAC inspection?

The Office of Foreign Assets Control (OFAC) conducts regular inspections. And that is ensure that companies are in compliance with US economic sanctions. As a result, businesses should be prepared for an OFAC inspection by knowing what to do and how to do it.

In order to prepare for an OFAC inspection, businesses should first identify their violations. They should also have a plan in place to correct the violations and ensure that they are compliant with US economic sanctions. Finally, businesses should have adequate resources available to support their OFAC inspection.

Identifying Violations:

businesses should first identify any violations that they may be guilty of. This can include anything from failing to register with OFAC to violating US economic sanctions. Once businesses have identified their violations, they should create a plan to correct them. This plan should include details on how the business will address the specific violation and when they will be completed.

Resources Available For An OFAC Inspection:

In order to support an OFAC inspection, businesses should have adequate resources available. This includes both financial and manpower resources. Furthermore, businesses should have a plan in place for dealing. That is always included with any disruptions or delays that may occur during an inspection.

Conclusion

The Office of Foreign Assets Control (OFAC) is a division of the U.S. Department of the Treasury that oversees economic and financial sanctions programs. These sanctions are designed to limit transactions with countries. They have been designated as state sponsors of terrorism, which include Iran, Sudan, Syria, and Yemen. In order to comply with these regulations, you must undergo OFAC training. If you plan on working with any sanctioned entities or persons. This training provides an overview of the sanctions program and how it applies to your business. If you’re unsure whether your company is eligible for sanctioning, be sure to contact OFAC for more information.