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O f f i c e   o f   F o r e i g n   A s s e t s   C o n t r o l​ ​
​Category: ​Federal Government
Organization Name: U.S. Department of the Treasury
Office of Foreign Assets Control (OFAC)
Target Credit Union Participants: All financial institutions, particularly their compliance officers.
Program Objective:

OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the U.S.

Eligibility Requirements: All U.S. persons and businesses are subject to the program regulations.
Program Features: OFAC administers a number of sanctions programs. The sanctions can be comprehensive or selective, through the blocking of assets and trade restrictions.
Program Materials: An article, "OFAC Compliance: A Perspective for Small Credit Unions" provides guidance to credit unions in this area. The article and a variety of materials are available on OFAC’s website (www.treasury.gov/OFAC). From its Resources Page, you may access a fully searchable Specially Designated Nationals (SDN) list, FAQs, sanctions overviews, and all OFAC updates.
​Contact: ​Consult with any of the following, as applicable:
  • Compliance Hotline: 1-800-540-6322 or 202-622-2492, or via email at OFAC_Feedback@treasury.gov. Compliance officers are available weekdays to provide informal guidance regarding compliance matters and license applications.
  • Licensing Office: 202-622-2480 or OFACLicensing@treasury.gov.
  • Training: OFAC conducts training and outreach nationwide (refer to the website for dates and details).
  • Website:  www.treasury.gov/OFAC.