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Branch's Ofac Compliance Program

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Branch's Ofac Compliance Program
The Branch has implemented a comprehensive OFAC compliance program the includes policies, procedures and processes for screening prior to opening an account or conducting a transaction, the persons related to the account or transactions against the OFAC Programs, including the SDN List, to determine whether the transaction is prohibited. The Branch has established procedures for rejecting transaction or freezing funds or securities and establishing a blocked account to hold the frozen assets for prohibited transactions as required by the applicable OFAC regulations. The Branch’s OFAC Compliance program also includes procedures for reporting blocked property to OFAC in accordance to the OFAC reporting requirements.
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