The Office of Foreign Assets Control (OFAC) is part of the United States Treasury Department. OFAC is responsible for enforcing economic and trade sections against countries, people, and groups that may be involved with terrorism or other illegal activities.
This is to ensure that companies and individuals in the US aren't intentionally or inadvertently funding illegal or dangerous groups or governments. To ensure your employees understand the ins and outs of OFAC, they should attend an OFAC training program. Here are just a few of the reasons your employees should attend OFAC training.
1. Your Employees Will Have a Better Understanding of OFAC Regulations
The best way to ensure your employees adhere to OFAC regulations is to educate them on what OFAC compliance actually means. They need to know what groups and countries are covered by OFAC, and they need to understand what to do if they encounter a questionable individual or request.
There are also different guidelines for each industry. The OFAC guidelines for a financial worker are different than those for an employee in the tourism industry. With an OFAC training program, you can personalize the content to make sure it fits the nature of your business.
2. Workers Will Learn Why OFAC Adherence is So Important
To some workers, OFAC adherence may just sound like more red tape they have to deal with during their workday. Proper training is valuable for informing your employees of the importance of OFAC adherence.
An employee who understands that disregarding OFAC can potentially fund a terrorist who threatens their country and their family is more likely to take OFAC adherence seriously. There are also potential consequences for a business or individual who disregards OFAC regulations.
For example, OFAC violations can result in stiff criminal and civil fines and even jail time. Understanding the punishment for OFAC violations is an effective deterrent for many workers.
3. Employees Will Receive Training for Enforcing OFAC Guidelines While Maintaining Customer Satisfaction
Customers don't like to have their requests turned down, even if they violate OFAC guidelines. You can select an OFAC training program that teaches your employees how to turn down customer requests without sacrificing your company's superior customer service. They'll learn how to deny the request and learn what OFAC-compliant alternatives that they can suggest.
For example, assume you're a wholesale distributor and one of your customers wants to order products from a business in a country with known terrorist ties. Your employees will know what alternative countries the customer might find a suitable replacement product from.Share