Office of Foreign Assets Control (OFAC) Director Andrea Gacki on Wednesday shared some useful insight about her organization’s latest sanctions enforcement priorities, its expectations of sanctions compliance programs, and how to mitigate sanctions risk.
“Although OFAC has a variety of sanctions programs across different areas, when it comes to compliance and enforcement, it still comes down to the basics: sufficient screening; identifying any U.S. nexus; keeping compliance programs updated; and appropriate remediation as issues arise,” Gacki said during the Association of Certified Anti-Money Laundering Specialists’ (ACAMS) virtual Sanctions Space Summit. One of the best ways to understand OFAC’s compliance expectations and enforcement priorities is to review its enforcement guidelines, she said.
