Music in this session we are going to be speaking with Nathan Behnke regulatory compliance advisor at Cornerstone Credit Union League and he's going to talk about the OFAC compliance requirements so first Nathan what is a FAQ sure oh fak stands for the office of foreign asset control both AK is a division of the US Treasury Department which administers and enforces economic and trade sanctions based on u.s. foreign policy and national security goals oh fak maintains a list of individuals that US citizens are prohibited to conduct transactions with all bank regulatory agencies and the National Credit Union Administration cooperate to ensure compliance with effec okay so speaking broadly what does a credit union need to be doing to be compliant with OFAC then every credit union is expected both by OFAC state regulators and the National Credit Younis tration to establish and maintain an effective written moffat compliance program appropriate to the credit unions risk profile the first step in OFAC compliance is developing an OFAC risk assessment appendix M - the FFIEC s bsa/aml examination manual is a great resource to get you started on your OFAC risk assessment a risk assessment should consider all of the credit unions operations this includes the type of transactions and transaction parties resources both staff and technology and the geographic risks to areas that are serviced by the credit union a good way to frame effect compliance is to ask which areas of the credit unions operations create the most risk for an effect violation and how will we work to mitigate that risk so for example wire transfers and foreign transactions do you mean yeah sure Sam those are a given we're also talking about opening new accounts payments to non-members and beneficiaries a credit union should...
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