Seven insights about regulatory compliance from the recent SWIFT Operations Forum Americas.
March 08, 2013
6. OFAC Values Transparency
This is not an adversary situation – we want to work with financial institutions. Our goal is to contact or return messages within 48 hours. Work with OFAC the moment you feel an issue arises – don’t be scared of asking questions that may get [your] institution a subpoena – we value credible information. We focus on transparency – making sure [your efforts] are transparent is very important to OFAC.
--Jeremy Sausser, Compliance Officer, Office of Foreign Assets Control (OFAC), U.S. Department of the Treasury Annex
