On November 5, 2018, the FFIEC released a joint statement to alert financial institutions to recent actions taken by the Treasury’s Office of Foreign Assets Control (OFAC). These actions were taken under OFAC’s Cyber-Related Sanctions Program and have potential impact on financial institution’s operations, including the use of services of a sanctioned entity.

This statement comes in conjunction with renewed economic sanctions against the Iranian regime and warns of heightened OFAC risks due to the new sanctions. After providing a brief background of the Cyber-Related Sanctions Program, the joint statement discusses a number of related topics such as risks, risk mitigation, OFAC compliance program risk assessments, and operational risk management. The joint statement concludes with a list of additional resources that provide further clarification for applicable financial institutions.

The FFIEC press release and joint statement can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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