What is Self-Disclosure?

Self-disclosure is the voluntary reporting of violations of OFAC regulations to the authorities. This process is crucial for entities that discover potential non-compliance, as it can significantly reduce the severity of penalties and demonstrate a commitment to maintaining regulatory standards.

Importance of Self-Disclosure

1. Mitigation of Penalties: Voluntary self-disclosure can lead to a reduction in fines and penalties imposed by OFAC. The agency often considers self-disclosure as a mitigating factor when determining the enforcement action.
2. Demonstration of Compliance: Proactively disclosing violations signals a strong compliance culture within your organization. It shows that your business takes its legal and ethical obligations seriously.
3. Enhanced Trust and Reputation: Businesses that voluntarily disclose violations can maintain and even enhance their reputation with regulators, partners, and customers. It demonstrates transparency and a proactive approach to compliance.

Our Self-Disclosure Services

1. Risk Assessment and Analysis: We conduct thorough assessments to identify any potential violations of OFAC regulations within your operations. Our OFAC lawyers analyze transactions, communications, and other relevant data to ensure comprehensive coverage.
2. Preparation of Disclosure Documents: We assist in the preparation of detailed self-disclosure reports. Our legal professionals ensure that all necessary information is included, and the documents meet OFAC’s requirements.
3. Strategic Advice: Our attorneys provide strategic advice on the best course of action following the discovery of a violation. We guide you through the self-disclosure process, helping to minimize potential penalties and impact on your business.
4. Representation and Advocacy: In cases where enforcement actions are taken, we represent your interests before OFAC and other relevant authorities. Our lawyers are experienced in negotiating settlements and advocating for favorable outcomes.

Contact Us

If you suspect a violation of OFAC regulations or need guidance on self-disclosure, contact our sanctions attorneys today. We have a proven track record of successfully guiding clients through the self-disclosure process. We are here to help you navigate these complex issues with confidence and expertise.