OFAC
The U.S. Treasury office that administers economic and trade sanctions against targeted countries, regimes, and individuals.
The Office of Foreign Assets Control (OFAC) is a Treasury office that administers and enforces U.S. economic and trade sanctions. OFAC publishes the Specially Designated Nationals (SDN) list, which U.S. financial institutions and many non-financial businesses must screen against. OFAC violations carry strict-liability civil penalties and can criminalize otherwise legal transactions. KYC pipelines automatically OFAC-screen every customer and beneficial owner.
Also known asOffice of Foreign Assets Control, OFAC SDN
Related terms
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