OFAC And New York State Banking Department Sign MoU
The US Department of the Treasury's Office of Foreign Assets Control (OFAC)
and the New York State Banking Department on Monday announced the signing of
a Memorandum of Understanding (MOU) that outlines procedures for the exchange
of sanctions compliance and enforcement information between the two agencies. The MOU is the first such agreement based on a template developed by OFAC and
the Conference of State Bank Supervisors (CSBS). The procedures specified in
the MOU will facilitate the sharing of information on sanctions violations and
other deficiencies, whether those deficiencies are found by OFAC or during examinations
conducted by state banking regulators. "The signing of this MOU will enhance cooperation between our agencies
as we work together to safeguard the financial system from illicit conduct and
assure that it is not used to finance terrorism, narcotics trafficking, or to
otherwise circumvent US sanctions," explained OFAC Director Adam Szubin. He continued: "I look forward to building on the important step we have taken with New
York by executing similar agreements with other states and territories." .
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