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#727242 - 05/04/07 08:55 PM Plain language OFAC explanation
Lele Offline
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Lele
Joined: Feb 2007
Posts: 827
In the Sun
I am trying to find something in 'layman's -BOD' terms that explains OFAC. Giving them a copy of the regulation is not going to do it!

I can explain it to them but they want to see something in writing!

Thanks!
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BSA/AML/CIP/OFAC Forum
#727277 - 05/04/07 09:54 PM Re: Plain language OFAC explanation Lele
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Go to page 135 of the BSA/AML Examination Manual and copy the OFAC section. Then, go back through and edit it down to no more than 2 pages, 3 if you must. You should end up with a basic explanation of what the whole mess is about and a good description of what your bank has to do, or rather not do, in response. Illustrate some of your relevant procedures.
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#727285 - 05/04/07 10:20 PM Re: Plain language OFAC explanation Elwood P. Dowd
Lele Offline
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Lele
Joined: Feb 2007
Posts: 827
In the Sun
Thanks! Have a great weekend!!!!
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