OFAC: SANCTIONS COMPLIANCE GUIDANCE FOR THE VIRTUAL CURRENCY INDUSTRY

On 15 October, OFAC released an industry-specific brochure as a resource to help members of the virtual currency industry navigate and comply with OFAC sanctions. This brochure provides an overview of OFAC sanctions requirements and procedures, including licensing and enforcement processes, and highlights sanctions compliance best practices tailored for the virtual currency industry.  It has also released 2 FAQ –

For purposes of OFAC sanctions programs, what do the terms “digital currency,” “digital currency wallet,” “digital currency address,” and “virtual currency” mean?

How do I block digital currency?

https://home.treasury.gov/system/files/126/virtual_currency_guidance_brochure.pdf

https://home.treasury.gov/policy-issues/financial-sanctions/faqs/646

https://home.treasury.gov/policy-issues/financial-sanctions/faqs/559

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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