Russian Sanctions Update
March 1, 2022
March 7th, 2022 – Effective Monday March 14, 2022, ACBB will be restricting all business activities relative to Russia and Belarus. ACBB will no longer process incoming and outgoing funds transfers relative to Russia and Belarus. ACBB continues to have a prohibition against Ukraine which remains unchanged. Please inform the necessary stakeholders internally within your financial institution immediately.
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March 1st, 2022 – Atlantic Community Bankers Bank (ACBB) continues to monitor the Ukrainian and Russian crisis relative to the Office of Foreign Asset Control (OFAC) sanctions programs. ACBB is informing our clients that as of March 7, 2022, ACBB will return all wire transfers subject to the Ukraine, Russian, and Belarus sanctions programs. Specifically, the prohibitions related to Directive 1 – 4 Under Executive Order 14024. ACBB is highlighting Directive 2 Under Executive Order 14024.; however, all aspects of the newly released sanction updates will be followed that are currently in a wind down period starting on March 7, 2022. The prohibitions relative to Directive 2 Under Executive Order 14024 take effect at 12:01 a.m. eastern daylight time on March 26, 2022. Any funds subject to Ukraine, Russia, and Belarus sanctions programs will be blocked and/or rejected in accordance with the legal authority provided by OFAC. Please update your OFAC sanction compliance programs and refrain from sending transactions relative to the relevant Executive Orders starting by the call of business March 4, 2022. ACBB will begin returning transactions on March 7, 2022 and blocking and/or rejecting transactions at 12:01 a.m. eastern daylight time on March 26, 2022. Please take some time and review all relevant updates from OFAC and adjust based on your business portfolio.
