OFAC Basics: My Funds are Blocked, Now What?

This video provides an overview of what it means when funds are blocked (also referred to as “frozen") in connection with OFAC sanctions and recommended steps for what to do if your funds have been blocked. The information in this video is for training purposes only. It does not have the force of law, and does not supplement or modify the statutes, regulations, executive orders, or other authorities that govern sanctions administered by OFAC. The information in this video is subject to change and is only current as of July 10, 2024. For more information about OFAC and OFAC sanctions, please visit ofac.treasury.gov.
00:00 - Introduction
00:33 - Financial Institutions role in complying with U.S. sanction regulations
00:50 - How do financial institutions typically comply with OFAC regulations?
01:05 - Why do financial institutions stop to investigate and release, reject, or block transactions or accounts pursuant to U.S. sanctions regulations?
01:40 - What should you do if a financial institution stops to investigate funds pursuant to U.S. sanctions regulations?
02:49 - What to do when your funds have been blocked
03:22 - How to apply for an OFAC license for the release of blocked funds
04:22 - What if your transaction was not blocked, but rejected due to sanctions instead?
04:49 - What if a financial institution refuses to process a transaction for reasons that don’t involve sanctions?
05:12 - Additional OFAC resources