Impact Of Recent OFAC Enforcement Action and How Real-Time Sanctions Screening Can Help
In our recent advisory, we discuss the Finding of Violation issued by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) to MidFirst Bank (MidFirst) for violations of the Weapons of Mass Destruction Proliferators Sanctions Regulations. According to OFAC’s announcements, MidFirst maintained accounts for, and processed 34 payments on behalf of, two individuals added to the OFAC’s List of Specially Designated Nationals and Blocked Persons List (SDN List) for 14 days after their designation.
To learn more about this enforcement action, read this Advisory.
*Junghyun Baek contributed to this Advisory. Mr. Baek is a graduate of Harvard Law School and is employed at Arnold & Porter’s Foreign Legal Consultant Office as a Law Clerk.
© Arnold & Porter Kaye Scholer LLP 2022 All Rights Reserved. This blog post is intended to be a general summary of the law and does not constitute legal advice. You should consult with counsel to determine applicable legal requirements in a specific fact situation.