The OFAC inquiry requested information with respect to compliance with the Iranian Transaction Regulations.
In the first quarter of 2004, we responded to a follow-up letter from OFAC requesting additional information.
Our 2001 written response to OFAC stated that we believed that we were in compliance with applicable sanction regulations.
We understand this matter has now been referred by OFAC to the DOJ.
On November 16, we called Ibrahim Hooper, CAIR National Communications Director, for comment on the specific questions raised in the letter to OFAC.
CENTERFORSECURITYPOLICY: Has CAIR violated the Iranian Assets Control Regulations?
It intends to bring to OFAC's attention information in registration statements of foreign companies that have material business dealings with countries subject to OFAC-administered sanctions.
These regulations prohibitUnited Statescitizens, includingUnited Statescorporations and otherUnited Statesbusiness organizations, from engaging in commercial, financial, or trade transactions withIran, unless authorized by OFAC or exempted by statute.
Bob Werner was previously the head of the US Treasury's Office of Foreign Assets Control (OFAC) - the agency responsible for enforcing the US sanctions on countries including Iran.
Finally, the SEC pledged to cooperate with appropriate U.S. governmental agencies, including the Treasury Department's Office of Foreign Assets Control (OFAC), to help ensure enforcement of existing U.S. sanctions.
Following the allegations earlier this year, the bank was negotiating with the Fed Bank of New York, the Office of Foreign Assets Control (OFAC), the District Attorney of New York's Office and the Department of Justice.
Dr. Tony Wicks, director of anti-money laundering (AML) solutions at NICE Actimize, said the Arab Spring made this a very busy year for everyone in AML, which broadly includes transaction monitoring, customer due diligence (Know Your Customer or Customer Due Diligence) and on the sanctions front, Politically Exposed Persons (PEP) as listed by the UN, the UK Treasury or the U.S. Office of Foreign Assets Control (OFAC).
FORBES: Bank Software to Comply with Sanctions in Damascus or Tripoli
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