European banks more worried about OFAC than local regulators

European banks more worried about OFAC than local regulators

us treasury

A new study has reported that European financial institutions are more concerned by the US Treasury's Office of Foreign Assets Control (OFAC) than domestic regulators.

According to the global report, performed by technology consultancy Logica, 45% of European respondents said OFAC "bared the sharpest teeth" on the topic of anti-money-laundering regulation.

"OFAC is making its presence felt with some very large fines," says John Evans, director of financial crime solutions at Logica.


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