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Subject: Office of Foreign Assets Control
Date: March 11, 2003
To: Chief Executive Officers and Compliance Officers of All National Banks, Federal Branches and Agencies, Department and Division Heads, and All Examining Personnel
Description: Final Rules Governing Availability of Information
The U. S. Treasury Department's Office of Foreign Assets Control (OFAC) published a final rule on February 11, 2003, concerning the disclosure of certain civil penalties information.
OFAC administers and enforces economic sanctions programs. To increase awareness of its enforcement activities and to encourage compliance, OFAC intends to publish information about civil penalties and informal settlements on a weekly basis. For example, OFAC will publish the name of the entity involved (except names of individuals), the sanctions program involved, a brief description of the violation or alleged violation, a clear indication whether the proceeding resulted in an informal settlement or in the imposition of a penalty, and the amount of the penalty imposed or the amount of the agreed settlement.
Questions about the final regulation may be directed to your OCC supervisory office or the Compliance Division at (202) 874-4428.
David G. Hammaker