![]() The accelerated digital transformation has increased the need and usage of third party vendors, to the point where any given organization engages with dozens or hundreds of them. What can you do to minimize OFAC sanctions risk from a vendor risk management standpoint? ![]() This is because OFAC treats violations as a serious threat to national security and foreign relations. The penalties for breaching OFAC sanctions include monetary fines ranging from a few thousand dollars to several million, and prison time up to 30 years. Your company may need to develop a new compliance initiative to ensure they do not violate the terms of these sanctions (more on that below).It’s another weapon that law enforcement has to deter cyber crime.foreign policy, national security, or economic stability. OFAC resonates among security and risk management professionals because it enforces economic and trade sanctions against individuals and groups outside the United States that use cyber attacks to threaten U.S. In other words, they keep a list of individuals and entities with whom you should not do business. These sanctions are against countries, individuals, or outfits engaged in disreputable actions. government measure to enforce anti-money laundering/counter terrorism financing regulations, OFAC oversees economic and trade sanctions. OFAC stands for Office of Foreign Assets Control within the Treasury Department. 10.Are you aware of the risks involved in doing business with parties sanctioned by the Office of Financial Assets Control (OFAC)? How does this impact your vendor management? d) A Costa Rican coffee grower that ships product to the U.S. c) A Canadian company that ships goods to Cuba. company that is located and operates in France. a) A Mexican company that operates in Canada. ![]() From the list below, select the entity that is required to comply with OFAC sanctions. In case of a violation, which of the below is considered a favorable mitigating factor by OFAC? a) Licensed and bonded employees b) Reliance on customers to avoid violating the OFAC sanctions c) An online OFAC course d) The existence of an appropriate, risk-based compliance program 9. Annual report on blocked property held as of June 30, to be filed: a) December 31 b) September 30 c) September 1 d) July 31 8. Which of the following countries are NOT subject to OFAC Regulations? a) Cuba b) North Korea c) Jordan d) Syria 7. d) Expatriates of Iran, regardless of the location of their permanent address. c) Physically located in Iran, regardless of the location of their permanent address. b) Ordinarily resident and physically located in the U.S. banks from conducting transactions for customers who are? a) Ordinarily resident and physically located in Iran. persons and entities regardless of where they are located in the world, not just the U.S. c) Only banks, other financial institutions and retail businesses located in the U.S. b) Only banks and other financial institutions located in the U.S. OFAC sanctions apply to: a) Only banks located in the U.S. PATRIOT Act c) To improve the oil trade in the middle east d) To further national security objectives. A) In response to middle eastern terrorist organizations b) In compliance with the U.S.A.
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