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Regulators Press Sanctions Compliance

Regulators Press Sanctions Compliance

Nov. 06, 2018

Federal banking regulators said compliance with sanctions imposed by the Treasury Department’s Office of Foreign Asset Control can impact information technology and other operations.

In a joint statement, the agencies said financial institutions should ensure their OFAC compliance and risk-management processes address the challenges arising from possible interactions with sanctioned entities.

Identifying, assessing, and mitigating risks associated with sanctions requires collaboration across various functions, they said.

Read Joint Statement

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