Office of Foreign Assets Control January 21, 2022 – Federal Register Recent Federal Regulation Documents

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing this final rule to make a technical amendment to the definition of the term ``applicable schedule amount'' in its regulations. In recent years, OFAC has adjusted its civil monetary penalties (CMPs) as required by the Federal Civil Penalties Inflation Adjustment Act, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. While OFAC's ``applicable schedule amount'' values are not civil monetary penalties that are required to be adjusted pursuant to such statute, OFAC is updating the definition of the term ``applicable schedule amount'' so that it will automatically rise with OFAC's CMPs, removing the necessity of updating the applicable schedule amount on an annual basis.