OFAC adjusts the applicable schedule amount to correspond with civil money penalties

On August 10, 2020, the US Department of the Treasury’s Office of Foreign Assets Control announced an amendment to the definition of “applicable schedule amount” contained in Appendix A to 31 CFR Part 501, to ensure that its values correspond appropriately with OFAC’s civil money penalties (CMPs).  OFAC has adjusted CMPs five times since 2015, as required under the Federal Civil Penalties Inflation Adjustment Act, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. 

In 2008, OFAC issued the “Economic Sanctions Enforcement Guidelines” to provide direction for all economic sanctions programs, as Appendix A to the Reporting , Procedures and Penalties Regulations at 31 CFR part 501.  The Guidelines describe the “applicable schedule amount” as the base amount allowed for a proposed civil penalty, that involves any non-egregious but apparent violation brought to the attention of OFAC involuntarily.  The amounts are now $200,000 for transactions valued between $100,000 and $200,000, and $307,922 for transactions valued at $200,000 or more, to correspond with the current maximum CMP amounts in the International Emergency Powers Act.

OFAC Press Release | OFAC Final Rule

 
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