As the Treasury Department renewed economic sanctions against the Iranian regime today, the Federal Financial Institutions Examination Council issued a joint statement alerting banks of potential effects on information technology and other operations.
The statement — which did not contain any new supervisory expectations — warned banks of heightened OFAC compliance risk because of the new sanctions, particularly for institutions using products, services, software or technical services that are directly or indirectly delivered by a sanctioned entity. The agencies encouraged affected banks to contact OFAC, legal counsel and their security offices for additional guidance.
