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.

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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.