OFAC Compliance Review
The OFAC compliance review is designed to assess the credit union's monitoring of all financial transactions performed by or through the credit union, in order to detect those transactions that involve any entity or person subject to the OFAC laws and regulations. OFAC was established in 1950 to further United States foreign policy by administering regulations implementing the various economic sanctions the U.S. imposes against certain foreign countries, nationals of those countries, and of the "specially designated nationals" of those countries. OFAC is responsible for promulgating, developing, and administrating the sanctions for the Treasury under federal statutes.
A confidential report of conclusions and recommendations is prepared and delivered to the Supervisory Committee or management, depending on the type of service performed.
Pricing for audit services are provided through a written proposal, based upon both the scope of the review and estimated number of hours. To discuss your needs or to receive a proposal, please contact your Association Representative.
For more information or to get started, please contact your Association Representative at 800-932-0661, or e-mail CUSolutions@pcua.org.
- Business Development / Sales
Assistant Vice President,
800-932-0661 x 5330
Sr. Account Executive