OFAC and the SDN List

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Chapters in this video

  1. 0:00 OFAC authority: Treasury, executive orders, and sanctions
  2. 0:58 The SDN List as a no-fly list for finance
  3. 2:37 Screen, block, freeze: the three-step gauntlet
  4. 4:21 Strict liability and penalties for violations
  5. 5:27 OFAC versus FinCEN: tools, actions, and deadlines
  6. 7:41 Rapid-fire exam recap

What this video covers

  • What OFAC is, which department houses it, and why its authority flows from executive orders rather than the Bank Secrecy Act
  • Who appears on the SDN List and why U.S. persons are prohibited from dealing with anyone on it
  • The three mandatory broker-dealer obligations: screen, block (freeze), and report, and the correct order in which they must happen
  • Why "block first" is the only acceptable answer on exam day, and why processing the trade then reporting later is always wrong
  • The 10-business-day reporting deadline for blocked transactions to OFAC, and why calendar days will be a distractor
  • Strict liability for OFAC violations, and why intent, ignorance, or honest mistakes do not shield firms from civil penalties
  • How OFAC and the Financial Crimes Enforcement Network (FinCEN) differ in purpose, primary tools, required actions, reporting deadlines, and legal basis

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Read the Free Lesson → free · no signup wall