So far this year, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) has issued civil penalties and enforcement actions to the tune of $1.28 billion in U.S. government fines and settlements, higher than any year-end total in at least a decade. Earlier in May, OFAC issued A Framework for OFAC Compliance Commitments. The underlying intent of the framework is to help a credit union better understand and comply with sanctions requirements.
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