WASHINGTON-- The Treasury Department’s Office of Foreign Assets Control has rolled out a new online portal that will change how financial institutions and other firms report potential sanctions violations, offering a faster, more transparent way to submit voluntary self-disclosures, OFAC said.
OFAC said the Voluntary Self-Disclosure Portal provides a “streamlined, secure” method for reporting possible breaches of U.S. sanctions and is designed to deliver quicker acknowledgments, clearer communication during reviews, and a more user-friendly experience. The agency “strongly encourages” parties to begin using the portal rather than traditional submission methods.
The agency reiterated that voluntary self-disclosures are a key mitigating factor in enforcement decisions. Under OFAC’s guidelines, a qualifying disclosure can cut any proposed civil penalty by 50%, and the agency evaluates each case based on the “totality of the circumstances,” including the strength of a firm’s compliance program and corrective actions taken after a potential violation.
OFAC said disclosures must be accompanied — or followed within a reasonable period — by a detailed report explaining what happened, and it generally expects that full report within 180 days of the initial notification if it is not submitted up front. Firms are also expected to respond promptly to any follow-up questions as OFAC reviews the matter.