Control List |
OFAC List |
| Highly sensitive and confidential. Disseminated only to a small select group and subject to the utmost confidentiality. |
Public list of names. Available over the Internet to anyone |
| Individuals named on the Control List are not on the OFAC list and vice versa. |
Individuals named on the Control List are not on the OFAC list and vice versa. |
| Consists of entities and individuals identified by federal or other law enforcement authorities and provided to the banking regulators for confidential dissemination to banks. |
Consists of individuals and entities that are subject to the sanctions programs of the Office of Foreign Assets Control. |
| Was sent by federal bank regulators to a designated senior-level official at each bank. |
Each financial institution must take responsibility for monitoring the list and determining if changes have occurred. The institution must obtain the list itself, on its own initiative, either directly from the OFAC site or from a third-party. |
| Institutions are asked to review their records for the time period January 1, 1996 through the present, including, but not necessarily limited to, account files, wire and book transfer records, ACH transaction records, credit card records, and documentation for loans and mortgages to determine whether there are any records indicating transactions or relationships involving anyone on the Control List. If an institution can easily search further back in time, it is asked to do so. |
The OFAC list requires a "snapshot in time" search to determine if, at the time new names/entities are added to the list, the institution is holding any assets of the OFAC-affected parties. In addition, all institutions must consult the list on an ongoing basis when entering into new transactions to determine if a party to the transaction is on the list. |
If an institution determines it has any information concerning an individual or entity on the Control List, it is asked to send an email message to suspicious.accounts@ny.frb.org. The email should identify the sender and the institution and state only that the institution has "a positive response to the Control List."
You are also asked to include: the name, address, telephone number, fax number and email address of the individual (or individuals) at your institution who are authorized to accept service of the subpoena AND indicate whether you will agree to accept service by fax. |
If an institution determines it has a "hit" on the OFAC list, it must determine if the entity/individual is subject to having its transactions rejected or having its assets blocked. The institution should call OFAC to verify the hit is not a false positive, then either block or reject (whichever the applicable sanction requires), and file a report of blocking or rejecting within 10 business days with OFAC. |
| An institution is prohibited from notifying any individual or entity on the Control List that it is on the control list. |
It is permissible to reveal to the customer they are on the OFAC list. You may tell the customer that is the reason the assets were blocked or the transaction was rejected. |
| If you identify an account or relationship with a name that appears on the Control List, you are told NOT to close or block the account or terminate the relationship. |
If you have an account held by an individual/entity who becomes subject to blocking, you must block the account and place the assets in a separate interest-bearing account. If you are asked to engage in a transaction with an individual/entity with whom transactions are prohibited under the OFAC rules, you must reject the transaction. |
| If law enforcement authorities want additional information relating to accounts or relationships you have with entities or individuals named on the list, they will arrange for a subpoena to be issued to your institution. |
A full and accurate record of OFAC-affected property or transactions must be kept for five years and must be made available to OFAC upon request. |
| If activity relating to the person or entity on the list is suspicious, you must also file an SAR. |
You do not need to file a SAR simply because an individual or entity is on the OFAC list. If you are aware of suspicious activity involving the entity/individual and your bank, however, a SAR would be required. |
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