Banks Aren’t Responsible for Uncovering SDN Involvement in Companies They Serve, OFAC Director Says

By Matt Squire

The U.S. government does not expect financial institutions to bear the burden of identifying companies owned and controlled by individuals on its list of blocked foreign nationals, a U.S. Treasury Department official said Tuesday. "We do not have any expectation that the U.S. private sector is going to become experts and hire analysts to figure out the ownership of the subsidiary chains of every specially designated national that we've listed," said Adam Szubin, Director of the Treasury Department's Office of Foreign Assets Control (OFAC) at a conference in Washington, D.C.. The obligation to identify and block the assets of companies...