US · US OFAC
OFAC Framework for Compliance Commitments + ongoing FAQs
GuidanceIn Force
- Issuing authority
- OFAC
- Effective date
- Framework May 2019; FAQs and guidance updated continuously
- Scope
- OFAC
Key requirements
OFAC (Office of Foreign Assets Control) runs US sanctions country-based (Iran, Russia, Cuba) and targeted (Specially Designated Nationals list). The Framework sets out the 5 essential components of a sanctions compliance programme: management commitment, risk assessment, internal controls, testing/auditing and training. Voluntary self-disclosure significantly reduces penalties for breaches.