FFIEC releases statement on OFAC Cyber-Related Sanctions

Image result for ffiecThe Federal Financial Institutions Examination Council members issued a joint statement alerting financial institutions to recent actions taken by the Department of Treasury’s Office of Foreign Asset Control, under their Cyber-Related Sanctions Program and the potential impact it may have on financial institutions’ risk-management programs.

The statement describes the issues a financial institution should consider regarding the effect of sanctions on the operations of the financial institution and the implications of the continued use of products or services provided by a sanctioned entity.

To view the entire press release, visit FFIEC’s website.

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