Introduction to OFAC Video Series

The Office of Foreign Assets Control, OFAC, has issued a press release in which it announces an upcoming video series relating to U.S. sanctions. According to an enclosed blog, the series is primarily addressed at financial institutions and other private sector entities to emphasize the importance of financial sanctions in supporting U.S. foreign policy and national security objectives and the private sector’s crucial role in this process, acting as the first line of defense in enforcing sanctions. In the end, OFAC aims to offer clarity on compliance with U.S. sanctions requirements.
Currently, OFAC maintains regular engagements with the private sector, gathering insights from companies and organizations affected by sanctions to enhance guidance and address specific challenges. This feedback informs documents such as the Sanctions Compliance Guidance for the Virtual Currency Industry and collaborative efforts like the Humanitarian Assistance and Food Security Fact Sheet.
To expand on its outreach, OFAC is now launching two video series. The first series, Introduction to OFAC, provides an overview of OFAC’s history, mission, and partnership with the private sector. Upcoming episodes in this first series will cover topics like „the difference between general and specific licenses, best practices for sanctions compliance, and regulatory requirements for reporting on blocked property and rejected transactions“.
The second series, titled „OFAC Shorts“, will address frequently asked questions (FAQs) raised by market participants such as how to best use OFAC’s Sanctions List Search tool and explaining how to validate potential sanctions matches.
OFAC would welcome any feedback on the series and encourages the sharing of the videos within organizations for training purposes.