Introduction to Office of Foreign Assets Control (OFAC) Regulations - IIEI-318

Course Description: This six-week online course explores in detail the regulations of the U.S. Treasury’s Office of Foreign Assets Control (OFAC). The student will study the structure of OFAC regulations and their foundation in law. Also included is an exploration of: Country-based and list-based Sanctions, Specially Designated Nations, Licenses, Reporting, and Recordkeeping. The focus of this course is on providing compliance professionals with a hands-on, working understanding of the practical aspects of OFAC.skills.

Prerequisite: None.

Course Credit: 3

Major Course Topics & Course Outcomes

As a result of the group and individual activities included in this course, the student will acquire the following knowledge and skills that can be applied to the workplace: 

• Introduction to the Office of Foreign Assets Controls   

  • Analyze the Purpose and Function of the Office of Foreign Assets Controls and its impact on U.S. exporters and importers and financial institutions
  • Distinguish Prohibited Transactions
  • Determine the Legal Foundation and Basis of OFAC Provisions and Utilize Legal Citation
  • Assess the Role of Due Diligence
  • Accurately Appraise the role of the Freight Forwarder and Customs Broker
    
    
• OFAC Transactions
  
  
• Differentiate Among OFAC Restricted Transactions
• Assess the use of OFAC Licensing for the Business Transaction
  
  
• Introduction to OFAC Country Sanctions 
  
  
• Distinguish provisions of Country Sanctions and their impact on the business organization.
• Integrate compliance with Country Sanctions into the business organization.
  
  
• Introduction to OFAC List Based Sanctions  
  
  
• Distinguish provisions of List Based Sanctions and their impact on the business organization.
• Integrate compliance with List Based Sanctions into the business organization.
• Appraise similarities and differences of List-Based Sanctions.
• Differentiate among requirements of List-Based Sanctions.
  
  
• Advanced OFAC Practices and Procedures 
  
  
• Formulate recordkeeping to satisfy OFAC standards within the needs of the business organization.
• Create a functional training program for the business organization.
• Appraise the Self-Disclosure option.
• Integrate steps to keep the organization current on OFAC regulations and requirements.

Course Materials:

There is no textbook for this course.

Please note that textbooks are subject to change. Please contact your advisor before purchasing the textbook for your class to confirm.