Clifford Chance

Looking Ahead to 2019 and OFAC's Focus on Remediation and Compliance

19 December 2018

OFAC's Economic Sanctions Enforcement Guidelines (31 CFR Part 501) have always included a section on "Remedial Response," reflecting OFAC's consideration of the entity/Subject Person having or improving its "OFAC compliance program," particularly as a potential mitigating factor for penalties. However, OFAC has not provided specific guidance on what exactly an "OFAC compliance program" must entail. Recent settlements suggest that this will change in 2019. While egregious behavior will probably still be called out, expect that settlements in the near future will also highlight compliance and remediation lessons.

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