OFAC - Managing export sanctions risk 

December 17:  The U.S. Treasury Department’s Office of Foreign Assets Controls (OFAC) today announced that a bank has settled allegations of violations of U.S. sanction regulations.

According to the OFAC report [PDF 22 KB], the bank agreed to pay $32,400 (on a base penalty amount for apparent violations of $20,083) in order to settle potential civil liability for three apparent violations of the Global Terrorism Sanctions Regulations.

Managing risks with OFAC

Treasury’s Office of Foreign Assets Control (OFAC) administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals. OFAC administers a number of different sanctions programs. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals.


Charlie Steele previously served as the OFAC Associate Director for Enforcement, and joined KPMG LLP in December 2013. He now provides investigative assistance and guidance to help companies better manage the risks of violating laws and regulations in areas including trade and economic sanctions.



For more information, contact:


Charlie Steele

(202) 533-8007




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