OFAC Compliance Services in New York 

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OFAC Compliance Services in New York

OFAC stands for Office of Foreign Assets Control, which is housed in the U.S. Treasury’s office. OFAC regulations prohibit trade and business with certain countries, and compliance is mandatory. As such, businesses are encouraged to develop robust compliance programs. At Bates Group LLC, we offer OFAC compliance services in New York that help your business avoid a breach of regulations and the severe consequences that can follow. Call our office directly today to learn more. 

What Is OFAC Compliance?

Under OFAC regulations, engaging in trade with sanctioned or embargoed countries is a violation of the law, as is doing any business with any individuals, organizations, or companies that have been placed on a sanctions parties list by OFAC as “specially designated nationals.” While having a compliance program in place is not mandatory, complying with the law is required. As such, a compliance program is one way to avoid severe repercussions and protect your business. OFAC strongly encourages businesses and organizations within U.S. jurisdictions to develop and employ a risk-based approach to sanctions by developing an OFAC compliance program. 

Elements of a Strong OFAC Compliance Program

Each compliance program will differ depending on a company’s size, business, industry, and the specific risks it identifies as part of its risk assessment. With that in mind, the OFAC states that the five elements should be incorporated into all OFAC compliance programs;

  • Management commitment. It is essential that senior management in the organization is involved in and committed to OFAC compliance and that the compliance program is fully integrated into daily operations. 
  • Risk assessment. Robust, routine, and ongoing risk assessment audits should be conducted within an organization for the purpose of identifying any potential OFAC issues the organization may encounter. 
  • Internal controls. A strong OFAC compliance program should include internal controls, such as policies, procedures, training, and management oversight and involvement to ensure adequate recordkeeping, and to ensure adequate reporting and escalation of concerns.
  • Testing and auditing. Independent testing and auditing is an important part of all compliance programs, assessing the effectiveness of the program and identifying any gaps. 
  • Training. All appropriate employees should be trained on a regular basis to make sure employees understand the law and compliance responsibilities and that job-specific knowledge/training is provided. 

OFAC Compliance Services New York

The risks of not having a compliance program in place are high. At Bates Group LLC, we provide a range of OFAC compliance services for New York organizations. These services include risk assessments, OFAC compliance program design and implementation, training, and independent testing and auditing. We work with the leaders in your organization to develop a compliance program that is relevant to the risks and threats you face while also considering your company’s structure and needs. 

Reach Out to Bates Group LLC Today to Learn More

While developing an OFAC compliance program is not required, it is strongly encouraged and may be essential to helping your business avoid an OFAC non-compliance matter. To learn more about our company and our OFAC compliance services in New York, reach out to us by phone or online today. 

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