What are the Key Responsibilities of Business Leaders Regarding OFAC Compliance?
Business leaders are responsible for establishing and maintaining an effective OFAC compliance program. This includes: - Developing a formal compliance policy that outlines procedures for adhering to OFAC regulations. - Conducting regular training for employees to ensure they understand their roles in compliance efforts. - Implementing robust monitoring and auditing systems to detect and address potential violations. - Ensuring that the company’s internal controls are sufficient to prevent unintentional breaches of OFAC regulations.