OFAC launches online portal for self-disclosures of sanctions violations

According to the website, OFAC considers voluntary self-disclosures to be a mitigating factor when determining enforcement actions. A qualifying self-disclosure can result in a 50% reduction in the base amount of a proposed civil penalty, the agency said.

The goal of the new online system is to increase efficiency and transparency for persons submitting information, which should result in faster acknowledgment of submissions, clearer communication throughout the review process and a more user-friendly experience overall, OFAC said.

Source: ABA Banking Journal