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OFAC’s Framework: Management Commitment

MANAGEMENT COMMITMENT Senior Management’s commitment to, and support of, an organization’s risk-based SCP is one of the most important factors in determining its success. This support is essential in ensuring the SCP receives adequate resources and is fully integrated into the organization’s daily operations, and also helps legitimize the program, […]

OFAC’s Framework: Introduction

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) administers and enforces U.S. economic and trade sanctions programs against targeted foreign governments, individuals, groups, and entities in accordance with national security and foreign policy goals and objectives. OFAC strongly encourages organizations subject to U.S. jurisdiction, as well […]

Singapore touts industry best practices

From the Monetary Authority of Singapore (MAS): Industry efforts to combat money laundering and financial crime     Singapore, 14 May 2018… The Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Industry Partnership (ACIP) has recommended a set of best practices for financial institutions to guard against trade-based […]