What is an internal audit regarding OFAC compliance?

 

OFAC Attorney: An internal audit or an internal investigation, as it is sometimes referred to, is usually commissioned by a business if it believes it has violated OFAC regulations. Most businesses undertake such investigations to more fully grasp the scope of their own liability, to identify weaknesses in their compliance programs, or to determine whether or not to voluntarily self-disclose a violation to OFAC. To protect the integrity of an internal investigation or an audit, it is important to hire someone who is neutral and has no financial incentive to hide the violation.  Therefore many businesses and organizations hire outside attorneys, auditors, or legal consultants to undertake these investigations and audits on their behalf.

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