The Office of Foreign Assets Control ("OFAC") of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States.
A corporation has a legal obligation to perform OFAC (Office of Foreign Assets Control) checks, meaning they must screen potential business partners and customers against the OFAC sanctions list to ensure they are not individuals or entities prohibited from doing business with due to US sanctions, and failure to do so can result in significant fines and penalties.
Failing to perform OFAC checks can lead to severe civil penalties, including fines, asset freezes, and potential criminal charges depending on the severity of the violation.
- Automatically keep up to date with the latest OFAC SDN list
- Automatically check your employees, suppliers and customers for sanctions
- Position your organization to stay compliant with your legal OFAC obligation
- Receive Risk Notifications in real time as you transaction the business
