Questions: When an account is blocked, the funds must be placed in a non-interest-bearing segregated account under the name of OFAC until the sanctions are rescinded. True False

When an account is blocked, the funds must be placed in a non-interest-bearing segregated account under the name of OFAC until the sanctions are rescinded. True False
Transcript text: When an account is blocked, the funds must be placed in a non-interest-bearing segregated account under the name of OFAC until the sanctions are rescinded. True False
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Solution

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Answer

True

Explanation

The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency of the U.S. Treasury Department. When an account is blocked due to OFAC sanctions, the funds must be placed in a segregated account. This account is typically non-interest-bearing and is held under the name of OFAC. This procedure ensures that the blocked funds are not used or accessed until the sanctions are lifted or otherwise resolved. This practice is in line with OFAC's regulations to ensure compliance with U.S. sanctions laws.

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