Effective August 1, 2016, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) will amend its regulations to raise the statutory maximum civil monetary penalty that can be assessed for a violation of an economic sanctions program administered by OFAC. OFAC is taking this action to comply with the mandates of the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (FCPIA).
Please see full publication below for more information.
