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Banking Compliance Pros Brace for OFAC Sanctions Enforcement Through Online Channels
By Matt Squire
printAs monitoring technology improves, banking compliance professionals expect the U.S. Treasury Department to require that banks monitor their online services for possible economic sanctions violations. The Treasury's Office of Foreign Assets Control (OFAC) administers economic and political sanctions on 13 countries, many involving banking restrictions. The banking industry does not now have the widespread ability to monitor individuals accessing accounts online from sanctioned countries. And, Washington observers say they are concerned that any application of sanctions compliance to new technologies by U.S. regulators will lack sufficient input from the private sector. "A lot of times the government will come up...
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