How do I setup a compliance program for my bank?

Question: How do I setup a compliance program for my bank? Answer: There is no prepackaged compliance program that fits the needs of every bank. Banks, obviously, range in size from small to some of the largest institutions in the world. A good starting point is to go to the OFAC website and look under " Regulations by Industry ." Then read the brochure for the Financial Community . This brochure provides insight as to how your particular bank could set up a compliance program. There are also a number of articles written for banking industry publications available on OFAC's website. Banks should also review OFAC's Frequently Asked Questions , its SDN and other sanctions list pages and finally, OFAC's dedicated sanctions program pages . It may be helpful to contact your counterparts in other banks to see what they are doing and talk to your regulator.