Regarding Sanctions Specific to Russia and Ukraine
February 24, 2022
Atlantic Community Bankers Bank has been monitoring the Russia and Ukraine situation closely. ACBB has received multiple inquiries regarding the sanctions released by the United States Department of Treasury Office of Foreign Asset Control (OFAC) specific to Russia and Ukraine. ACBB has a full prohibition regarding Ukraine, and this remains unchanged.
Yesterday the Biden Administration released several changes to the Specially Designated Nationals list relative to the Russia and Ukraine situation. It appears this is the first tranche and there will be more to come. ACBB recommends our clients be proactive and refer to the OFAC website for the most up to date information. (clicking the link for the OFAC website will direct you to a third party site)
It is important to distinguish that as a client of ACBB you are obligated to have your own OFAC sanctions program and cannot solely rely on ACBB. ACBB has a Board approved OFAC sanctions program which uses a mixture of automated and manual screening to ensure we remain in compliance. ACBBapex uses an automated system for screening wire transfers. The settings of this system are proprietary to ACBB and are subject to model validation and independent testing. The system is updated nightly when there are changes made by OFAC and checked within 24-48 hours by ACBB to ensure the update was applied.
ACBB strongly encourages all of our clients ensure that their OFAC sanctions programs are up to date.