2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
On April 20, 2020, the Office of Foreign Assets Control (OFAC) announced it is encouraging financial institutions affected by the COVID-19 pandemic to contact OFAC if they are going to experience delays in meeting OFAC compliance deadlines. These deadlines include the required blocking and reject reports which are to be filed within ten business days. OFAC provided the following contact information related to reporting possible delays:
OFAC also explained it will provide some leniency when it detects apparent violations by stating “Accordingly, if a business facing technical and resource challenges caused by the COVID-19 pandemic chooses, as part of its risk-based approach to sanctions compliance, to account for such challenges by temporarily reallocating sanctions compliance resources consistent with that approach, OFAC will evaluate this as a factor in determining the appropriate administrative response to an apparent violation that occurs during this period.”
For any questions regarding OFAC compliance requirements, contact Doeren Mayhew’s regulatory compliance specialists.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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