OFAC Compliance Basics: Sanctions Screening

This text details the importance of Office of Foreign Assets Control (OFAC) compliance for businesses. OFAC sanctions target individuals, entities, and countries posing threats to US national security, requiring businesses to screen customers and transactions against updated sanctions lists. The process involves customer due diligence, transaction screening, and adherence to rules such as the 50% ownership rule. Non-compliance carries severe penalties, highlighting the need for robust screening software, employee training, and thorough record-keeping. Ultimately, effective sanctions screening mitigates the risk of violating US regulations.

There are no comments yet.

Please log in to write the first comment.