Nicholas B. Johnson
Former Prosecutor
Lynette Byrd
Former Assistant
U.S. Attorney
John Sellers
Former DOJ
U.S. Attorney
Linda Julin McNamara
Former Assistant U.S. Attorney
Dr. Nick Oberheiden
Attorney & Founder
OFAC Enforcement Defense: How to Effectively Defend Against Allegations of Sanctions Violations
Violating Office of Foreign Asset Control (OFAC) sanctions can have serious consequences for companies, firms, and their owners and executives. OFAC conducts investigations and enforcement actions targeting apparent sanctions violations, and these enforcement actions can result in substantial civil monetary penalties (CMP). Since OFAC imposes CMO on a per-violation basis,...
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Looking for an OFAC Sanctions Defense Lawyer for Your Financial Institution? 5 Keys for Finding the Best One
Looking for an OFAC Sanctions Defense Lawyer for Your Financial Institution? 5 Keys for Finding the Best One Financial institutions are among the most exposed types of businesses, at least when it comes to legal liability under the international economic sanctions that are enforced by the U.S. Department of Treasury’s...
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5 Key Points to Consider if You Want the Best OFAC Sanctions Defense Lawyer Available
Business and financial institutions that find themselves being investigated by the Office of Foreign Assets Control (OFAC) at the Department of the Treasury should strongly consider lawyering up. These investigations can be invasive and can quickly get costly if they get out in the public eye, as allegations that you...
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Defending Against Apparent OFAC Sanctions Violations: Key Strategies
Financial institutions and businesses in a broad range of industries are subject to Office of Foreign Assets Control (OFAC) sanctions compliance. Violations of OFAC sanctions can trigger substantial civil monetary penalties (CMP), and they can even expose entities (and their owners, executives, and personnel) to criminal prosecution in some cases....
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4 Things to Know About the OFAC Clearance Process
Getting cleared from the Specially Designated Nationals (SDN) list maintained by the Office of Foreign Assets Control (OFAC) at the U.S. Department of the Treasury is essential for sanctioned individuals. If you or your company has been targeted for U.S. economic sanctions, it is unlikely that you will be removed...
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OFAC and Tornado Cash: A Timeline of the Events Leading to (and Following) OFAC’s Sanctions
Tornado Cash is in the news once again. After the Office of Foreign Assets Control (OFAC) sanctioned the digital currency mixer in August 2022, it recently announced sanctions against one of the platform’s co-founders in coordination with the U.S. Department of Justice’s (DOJ) announcement of parallel criminal charges. OFAC’s efforts...
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What Brokerage Firms Need to Know About OFAC and FINRA Compliance
The Financial Industry Regulatory Authority (FINRA) and Office of Foreign Assets Control (OFAC) both play roles—albeit very different roles—in regulating the conduct of brokerage firms in the United States. Brokerage firms must devote adequate attention and resources to both OFAC and FINRA compliance, and they must be prepared to affirmatively...
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Conducting an OFAC Risk Assessment & Review: An Overview
The Office of Foreign Assets Control (OFAC) expects financial institutions to conduct periodic risk assessments and reviews. This is clear from OFAC’s Examination Procedures, which specifically reference examining the efficacy of a financial institution’s compliance program “based on” or “in the context of” the institution’s risk assessment in multiple instances....
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7 Things That You Need to Know About FINRA and OFAC
Regulated securities professionals and brokerage firms have steep and onerous compliance obligations. One of the many that they have to satisfy is American sanctions law. These economic sanctions are enforced by the Office of Foreign Assets Control (OFAC) at the U.S. Department of the Treasury. Failing to adequately comply with...
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What You Need to Know About OFAC’s Requirements
The Office of Foreign Assets Control (OFAC) at the U.S. Department of the Treasury is going to continue to be active in 2024 as it enforces American economic sanctions on foreign parties. As global conflict continues in Ukraine and elsewhere, the U.S. has cast its net wide for people and...
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