FFIEC Warns of OFAC Compliance Risk Due to Renewed Iran Sanctions

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.


About Author

Monica C. Meinert

Monica C. Meinert is deputy editor of the ABA Banking Journal and editorial director at the American Bankers Association, where she oversees ABA Daily Newsbytes.