FFIEC Joint Statement: Office of Foreign Assets Control Cyber-Related Sanctions Program Risk Management

Nov 08

The Federal Financial Institutions Examination Council (FFIEC) members developed this statement to alert financial institutions to recent actions taken by the Department of Treasury’s (Treasury) Office of Foreign Assets Control (OFAC) under OFAC’s Cyber-Related Sanctions Program and to the potential impact that sanctions may have on financial institutions’ operations, including the use of services of a sanctioned entity.

This statement is intended for information only and does not contain any new regulatory expectations. This statement highlights that compliance with OFAC sanctions can impact information technology and other operations. Additional information on requirements and expectations regarding OFAC-related compliance is available from OFAC. Institutions may refer to the FFIEC Information Technology (IT) Examination Handbook for additional information regarding operational risk management.