OFAC
U.S. sanctions agency
OFAC is the Office of Foreign Assets Control, a U.S.
Treasury Department agency that administers economic sanctions.
OFAC maintains lists of individuals, companies, and countries with whom Americans are prohibited from doing business: The transaction was blocked due to OFAC restrictions.
Banks and financial institutions must screen transactions for OFAC compliance.
Punitive international restrictions
- complianceAdhering to requirements
- enforcementCompelling compliance with rules
- penaltiesPunishments for infractions
- designationsAssigned names or titles
blocked · prohibited · fines · violations · licensing · restrictions · regulations · jurisdiction
Evaluative selection process
- due diligencePre-transaction reasonable care
- AMLIllicit finance prevention framework
- risk assessmentEvaluating likelihood of harm
- auditFormal accounts examination
policies · procedures · controls · training · certification · software · watchlist · alert
Official prohibition on trade
- blacklistRecord of prohibited entities
- freezeBecome solid from cold
- assetItem of value owned
- IranIslamic republic in Asia
Cuba · Russia · North Korea · Syria · Venezuela · designation · delisting · sectoral
Financial institutions or riversides
- transactionsExchanges of value
- wire transfersElectronic fund transmissions
- paymentsMoney given for obligations
- clearingTreeless space in forest
settlement · dollar · Swift · interdiction · frozen assets · blocked accounts · letters of credit · funds transfer
sanctions
Punitive international restrictions
- complianceAdhering to requirements
- enforcementCompelling compliance with rules
- penaltiesPunishments for infractions
designations · blocked · prohibited · fines · violations · licensing · restrictions · regulations · jurisdiction · authority
screening
Evaluative selection process
- due diligencePre-transaction reasonable care
- AMLIllicit finance prevention framework
- risk assessmentEvaluating likelihood of harm
audit · policies · procedures · controls · training · certification · software · watchlist · alert · investigation
embargo
Official prohibition on trade
Iran · Cuba · Russia · North Korea · Syria · Venezuela · designation · delisting · sectoral · comprehensive
banks
Financial institutions or riversides
- transactionsExchanges of value
- wire transfersElectronic fund transmissions
- paymentsMoney given for obligations
clearing · settlement · dollar · Swift · interdiction · frozen assets · blocked accounts · letters of credit · funds transfer · financial institutions
- complianceaudit, obeying, policy, compliance officer, regulation
- government agenciesFBI, CIA, NASA, IRS, EPA
- export controlsexport controls, export license, export ban, dual-use, restricted goods
- financial regulatorsSEC, FDIC, Fed, Federal Reserve, FSA
- LaunderingAML, money laundering, dirty money, black money, placement
- tradetrade balance, free trade, trade barriers, customs, trade deficit
Avoiding imposed trade restrictions
sanctions busting · money laundering · financial deregulation · free trade zones · shell companies