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#1095802 - 12/11/08 05:44 PM OFAC Officer?
Dallas Fan Offline
100 Club
Joined: Feb 2008
Posts: 219
RIC
Is there a requirement to have the Board of Directors designate an "OFAC Officer" or can the responsibility to enforce OFAC simply be designated to the Compliance Officer?

Thanks!

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BSA/AML/CIP/OFAC Forum
#1095817 - 12/11/08 05:55 PM Re: OFAC Officer? Dallas Fan
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 84,898
Galveston, TX
Typically it is a part of the BSA Officer's responsibility. There is no requirement for an OFAC Officer to be specifically appointed.
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#1095819 - 12/11/08 05:56 PM Re: OFAC Officer? Dallas Fan
Georgia Plum
Unregistered

We have designated one person as the BSA/AML/OFAC Officer. I don't believe that you'll find anywhere that there be a separate OFAC officer. In our bank I am the BSA/AML/OFAC Officer and the Compliance Officer.

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#1095823 - 12/11/08 05:57 PM Re: OFAC Officer?
Dallas Fan Offline
100 Club
Joined: Feb 2008
Posts: 219
RIC
Great Thanks!

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#1095834 - 12/11/08 06:00 PM Re: OFAC Officer? Dallas Fan
Georgia Plum
Unregistered

We have designated one person as the BSA/AML/OFAC Officer. I don't believe that you'll find anywhere that there be a separate OFAC officer. In our bank I am the BSA/AML/OFAC Officer and the Compliance Officer.

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