On February 6, OFAC announced the launch of an online Voluntary Self-Disclosure Portal. According to the announcement, the new portal is intended to streamline and secure the process for submitting voluntary self-disclosures of potential sanctions violations, offering faster acknowledgment and clearer communication for filers. OFAC stated that voluntary self-disclosures serve as a mitigating factor under its Economic Sanctions Enforcement Guidelines and, if applicable, may reduce civil penalties by 50 percent. The agency noted that it generally requires a detailed report within 180 days of initial notification via the portal. The agency included a link to OFAC’s Production Submission Standards for additional guidance and encouraged parties to begin using the portal to improve efficiency and transparency in compliance reporting.
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