Sanctions and Penalties for Violations of the Bank Secrecy Act and OFAC Requirements


Summary

This practice note provides an overview of the various civil and criminal penalties assessed against banks for violating the provisions of the Bank Secrecy Act, as amended (BSA). It also discusses the sanctions imposed for violations of the screening and reporting requirements mandated by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury (U.S. Treasury).