The President issued an Executive Order, dated September 2001, targeting terrorists and included the Office of Foreign Asset Control’s (OFAC) Specially Designated Nationals List (SDN), which was sent to all federally insured credit unions in Regulatory Alert No: 01-RA-10. On October 12, 2001, OFAC released a Bulletin (attached) which added the names of 39 terrorists to the previous SDN. Their assets must be blocked and immediate notice must be given to OFAC. Credit unions should call OFAC’s hotline if they have any questions.
The order requires immediate notification of OFAC when a financial institution identifies potential or actual assets of any of the listed entities. If verified by OFAC as a blockable transaction/asset, a blocking report must be faxed immediately to OFAC. Credit unions should call OFAC’s hotline at 1-800-540-6322 to report any hits. For further information and details see OFAC’s web site at: www.treas.gov/ofac (opens new window). For questions, call OFAC compliance at 1-800-540-6322.
Credit unions are advised to check OFAC’s web site daily for updated notices. Credit unions that do not have access to the Internet can call OFAC’s hotline, or respective NCUA regional office or state supervisory authority.
In addition, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has established a FINANCIAL INSTITUTIONS HOTLINE, 1-866-556-3974, for financial institutions to voluntarily report to law enforcement authorities suspicious transactions that may relate to recent terrorist activity against the United States. For further information see FinCEN’s web site at: www.treas.gov/fincen.