The President has issued a new Executive Order (attached) targeting terrorists, and new names have been added to the Office of Foreign Asset Control’s (OFAC) Specially Designated Nationals List. 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. For further information and details see OFAC’s web site at: www.treas.gov/ofac. For questions, call OFAC compliance at 1-800-540-6322.
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.
This order is the first in a series of anticipated OFAC actions regarding terrorists and terrorist organizations. It is possible that additional sanctions may be issued by OFAC in the near future. 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. Attached is the notice from FinCEN with additional information. For further information see FinCEN’s web site at: www.treas.gov/fincen.