Which U.S. Treasury office enforces economic sanctions?

Study for the Certified Bank Secrecy Act Professional Test. Use flashcards and multiple-choice questions with hints and explanations. Get exam ready!

Multiple Choice

Which U.S. Treasury office enforces economic sanctions?

OFAC—that office within the Treasury—handles enforcing economic sanctions. It administers and enforces economic and trade sanctions tied to U.S. foreign policy and national security goals, maintains sanction programs and the lists of designated or blocked individuals and entities, and sets licensing rules and penalties. Banks and other financial institutions routinely screen for OFAC-designated parties to ensure they don’t process prohibited transactions. The other Treasury offices serve different roles: the IRS collects taxes, the Bureau of Fiscal Service manages federal payments and debt, and FinCEN focuses on financial crime data and analysis to support enforcement—without being the primary authority for sanctions enforcement.

OFAC—that office within the Treasury—handles enforcing economic sanctions. It administers and enforces economic and trade sanctions tied to U.S. foreign policy and national security goals, maintains sanction programs and the lists of designated or blocked individuals and entities, and sets licensing rules and penalties. Banks and other financial institutions routinely screen for OFAC-designated parties to ensure they don’t process prohibited transactions. The other Treasury offices serve different roles: the IRS collects taxes, the Bureau of Fiscal Service manages federal payments and debt, and FinCEN focuses on financial crime data and analysis to support enforcement—without being the primary authority for sanctions enforcement.

More practice questions