Alert 2001-9 | September 25, 2001

Terrorist Additions to the OFAC SDN List: Terrorist Additions to the OFAC SDN List

To

Chief Executive Officers of All National Banks; All State Banking Authorities; Chairman, Board of Governors of the Federal Reserve System; Chairman, Federal Deposit Insurance Corporation; Conference of State Bank Supervisors; Deputy Comptrollers (Districts); Assistant Deputy Comptrollers; District Counsel and Examining Personnel

FOR IMMEDIATE IMPLEMENTATION

September 24, 2001

BULLETIN FROM THE OFFICE OF FOREIGN ASSETS CONTROL (OFAC) - The president has issued a new Executive Order targeting terrorists, and a number of new names have been added to OFAC's Specially Designated Nationals List. Their assets need to be blocked and immediate notice given to OFAC. Banks should call OFAC's hotline if they have any hits or questions. For further information/details see OFAC's home page on the Internet (http://www.treas.gov/ofac), fax-on-demand service (202) 622-0077, or any of OFAC's other sites. For questions, call OFAC compliance at 1 (800) 540-6322

The order requires immediate notification to OFAC when a financial institution identifies potential or actual assets on any of the listed entities. If verified by OFAC as a blockable transaction/asset, a blocking report must be faxed immediately to OFAC. Banks should call OFAC's hotline at 1 (800) 540-6322 to report any hits.

This order is the first in a series of anticipated OFAC actions regarding terrorists and terrorist organizations. It is also possible that additional sanctions may be issued by OFAC in the near future. National banks and federal branches are advised to check OFAC's Internet home page daily for updated notices. Institutions that do not have access to the Internet can call OFAC's hotline or the appropriate supervisory office for advice on updates.

Daniel P. Stipano
Deputy Chief Counsel

Topic(s):

Financial Crime