U.S. Economic Sanctions

BFSFCU is a not-for-profit financial cooperative established under, and fully subject to the laws and regulations of the United States, including but not limited to, laws and regulations governing U.S. economic sanctions towards various entities, individuals and countries.

The Office of Foreign Assets Control administers and enforces economic sanctions programs primarily against countries and groups of individuals, such as terrorists and narcotics traffickers. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals.

U.S. economic sanctions and regulations are subject to change. These sanctions and regulations, among other things, prohibit and restrict access to certain financial services to include the ownership of accounts and movement of funds.

As a not-for-profit financial cooperative BFSFCU has a duty to all members to protect their assets from fine, penalty and confiscation.

What this means for you

Members traveling to or through countries subject to US economic sanctions should contact the Credit Union in advance of departure to discuss how your access to BFSFCU accounts and services may be affected. Advance notice does not guarantee availability of or access to services.

Members should be aware that their accounts and transactions may be subject to restriction without notice. When traveling to or through countries subject to sanctions, it is advised that members make certain that they have sufficient resources to accomplish their travel, in case of service disruption or account restriction.

Restrictions are not necessarily imposed by the credit union and may be a matter of lack of service availability in that area. For example, in some countries automated teller machines (ATMs) may not be widely available; credit cards may not be widely accepted, or there may be specific requirements for currency.

BFSFCU reserves the right, at our sole discretion, to refuse all orders from or deposits into an existing account.

Additional Resources

  • For additional information about Sanctions Programs and Country Information, visit the OFAC website.
  • The U.S. Department of State publishes current travel alerts and warnings that may also include information on currency restrictions.
  • Country specific information may be found on that country’s Ministry of Tourism website.