The Importance of a Sanctions Compliance Program – Top 5 Mitigating Measures Highlighted by OFAC in 2023
OFAC in 2023 reached settlements with 17 companies, collecting more than $1.5 billion in penalties. Mitigating factors can help reduce the severity of penalties imposed by OFAC for sanctions violations and often involve significant remedial measures and enhancements to a company’s sanctions compliance program.