The Office of Foreign Assets Control (OFAC) is a US Department of Treasury agency that implements commercial and economic sanctions to support US security and foreign policy objectives. It is the most functional organization in the United States in the fight against financial crimes. The US may apply these OFAC Lists of sanctions to individuals, institutions, and countries.
OFAC Check is part of the U.S. Treasury, which concludes whether an entity or blocked persons are allowable to do business with the United States, especially regarding finances and trade. If an entity or individual is caught violating this, they can have criminal penalties brought up against them, including fines between $50,000 to $10 million and imprisonment between 10-30 years.
OFAC's Sanctions List Search tool employs fuzzy logic on its name search field to look for potential matches on the Specially Designated Nationals (SDN) List and its Consolidated Sanctions List. It's also called the OFAC Screening Tool and OFAC Search.
OFAC publishes sanctions lists of individuals, institutions or countries that threaten national security. These lists are called OFAC Sanctions Lists. Some of these lists are:
Some lists in the Consolidated Sanctions OFAC List:
OFAC regulations apply to all US citizens, US companies, and individuals or businesses doing business with the United States. OFAC lists imposes heavy penalties on firms and persons dealing with persons in the sanction lists. Companies have to follow customer transactions and companies have to report suspicious transactions to OFAC.
There are numerous and different formats of OFAC sanction lists. Firms must follow the sanction lists to ensure OFAC compliance. Controlling the sanction lists manually can be a waste of time for companies. Sanction Screening Tool such as Sanction Scanner automatically performs control operations. Your queries in Sanction Scanner are scanned in thousands of sanctions lists at the same time.
Sanction Scanner’s database consists of over 1000 Sanctions, regulatory and law enforcement, and other official global and local sanction and pep lists, including those issued by the USA, UK, UN, and other global major and minor government departments. For more information, you can contact us or request a demo.
Request a demo and learn how Sanction Scanner protects your firm from the Financial Crimes.Request Demo