OFAC Compliance Essentials

OFAC Compliance Essentials

OFAC Compliance Essentials

This course will provide an overview of the Office of Foreign Assets Control (OFAC) and its role in enforcing economic sanctions and trade restrictions. The course will cover the legal authority and jurisdiction of OFAC and the types of sanctions programs administered by OFAC. The course will also discuss compliance with OFAC regulations, including the responsibilities of businesses and individuals and the consequences of non-compliance.

Courses in this Certificate Program

  • Total Hours: 4
  • LIVE Online: 4 Hours+
  • Tuition: $249
Courses in this ProgramHours Delivery Method
Student Orientation1 HourLIVE Online (optional)
OFAC Compliance Essentials4 HoursLIVE Online
LIVE Instructor AMA - bi-monthly1 Hour +LIVE Online (optional)

Upcoming LIVE Instruction Dates

Course Objectives:

  • Understand the role and legal authority of the Office of Foreign Assets Control (OFAC)
  • Become familiar with the types of sanctions programs administered by OFAC
  • Learn about compliance with OFAC regulations, including the responsibilities of businesses and individuals
  • Understand the consequences of non-compliance with OFAC regulations
  • Learn best practices for complying with OFAC regulations in international business transactions.

Certificate of Completion OFAC Compliance Essentials – 4 Hours

OFAC Compliance Essentials Outline

Module 1 – Introduction to OFAC

  • Definition and overview of the Office of Foreign Assets Control (OFAC)
  • OFAC’s Role in Enforcing Economic and Trade Sanctions
  • Legal Authority and Jurisdiction of OFAC
  • Types of Sanctions Programs Administered by OFAC 

Module 2 – Legal and regulatory framework for OFAC compliance

  • Relevant Laws and Executive Orders 
  • OFAC Regulations and Guidance
  • OFAC penalties 

Module 3 – OFAC compliance policies and procedures

  • Senior Management Commitment
  • Developing and Implementing an OFAC Compliance Program
  • Testing and Auditing
  • Training
  • Root Causes of OFAC Sanctions Compliance Program Breakdowns
  • OFAC Monitoring and Review Process
  • Screening for Sanctioned Parties 
  • Recordkeeping and Reporting Requirements

Module 4 – Best practices for OFAC compliance in Financial Services

  • Best Practices 

Module 5 – Challenges and common pitfalls in OFAC compliance

  • Challenges
  • Navigating Complex and Evolving Sanctions Regimes
  • Dealing with Ambiguities and Uncertainties in OFAC Guidance
  • Managing Third-Party Risk

Module 6 – Prohibited Transactions

  • Examples of prohibited transactions 

Module 7 – Case studies and examples of OFAC enforcement actions

  • OFAC Financial Sector Enforcement Actions
  • Recent Real-world Examples of Recent OFAC Enforcement Cases
  • Enforcement Actions Against Crypto Exchanges
  • Lessons Learned from these Cases

Module 8 – Conclusion and wrap-up

  • Summary of Key Points
  • Future Developments and Ongoing Challenges in OFAC Compliance

Course Info

  • October 26, 2023
  • LIVE Online
  • Tuition: $249
  • Tuition Assistance
  • 4 Hours
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Additional Information

  • Module Quizzes and Knowledge Checks
  • Guest Lectures & Networking
  • Student Orientation
  • LIVE Online Instructor AMAs
  • Certification Exam Prep

Certification Competencies

This course provides education toward two Web3 Certification Board (W3CB) Focus Areas Certification Exam Competencies. 

Review Certification Focus Areas.

This course is part of the following Certification programs.

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