OFAC Publishes Sanctions Guide for Virtual Currency

Adam Witmer
BSA, Regulatory Update

On 10/15/2021, the Department of the Treasury's Office of Foreign Assets Control (OFAC) announced a new industry-specific brochure, “Sanctions Compliance Guidance for the Virtual Currency Industry.” In their release, the Treasury explained that this new resource is designed to help members of the virtual currency industry navigate and comply with OFAC sanctions. The new brochure provides an overview of OFAC sanctions requirements and procedures, including licensing and enforcement processes, and highlights sanctions compliance best practices tailored for the virtual currency industry. In addition, OFAC has updated two associated Frequently Asked Questions (FAQs 559 & 646).

The OCC’s brochure can be found at:

Adam Witmer
BSA, Regulatory Update
Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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