OFAC Issues Compliance Guidance for Securities Industry

OFAC Issues Compliance Guidance for Securities Industry

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On Nov. 5, 2008, the US Treasury Department's Office of Foreign Assets Control (OFAC) issued new guidance for the securities industry, "Opening Securities and Futures Accounts from an OFAC Perspective" (Account Guidance), and revised existing guidance, "Risk Factors for OFAC Compliance in the Securities Industry" (Risk Matrix). The Account Guidance and the Risk Matrix break new ground in several areas and clarify OFAC's expectations for compliance by securities and futures firms with respect to its sanctions regulations. At the same time, they leave the industry with a number of unanswered questions. Our recent Regulatory Alert discusses the ways in which the Account Guidance and Risk Matrix can inform the securities industry's compliance with the OFAC rules, as well as some of the open issues.

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