Finanse publiczne · 30/06/1995

OFAC to Stop Treating Fully-Automated Transactions Differently for Civil Penalty Purposes

The Office of Foreign Assets Control (OFAC) will no longer distinguish between fully-automated and manually-processed financial transactions for civil penalty purposes, following the widespread use of name-recognition software by financial institutions to screen transactions for potential sanctions violations. This change is effective immediately, as OFAC seeks to ensure compliance with 31 CFR Chapter V regulations.