OFAC Regulations

Welcome to the OFAC Guide

The Office of Foreign Asset Control (OFAC) is a division of the U.S. Treasury Dept. OFAC administers economic sanctions involving certain nations. OFAC maintains a database of individuals, called the SDN list, who are restricted from doing business with U.S. companies or whose assets are frozen. OFAC regulations prohibit transactions with persons and organizations listed on the OFAC SDN List as well as listed countries.

Is Your Organization OFAC Compliant for 2019?

The U.S. Patriot Act requires that all companies and individuals doing business in the U.S. must comply with OFAC regulations. OFAC regulations impact and effect certain industries and businesses more than others. To meet OFAC compliance, specific reporting requirements must be met. OFAC regulations fall under 31 CFR 500 through 31 CFR 598. See the official OFAC website for more information.

It is critical that a dedicated OFAC Compliance Officer is appointed. This individual will interface with OFAC, ensure your internal database is current, complete reporting requirements, and maintain training requirements.

The following is a list of industries that are affected by OFAC compliance:

Financial and banking industry
Credit bureaus & reporting agencies
Insurance industry
Travel and tourism industry

Import and export industry
Non-Governmental Organizations (NGO)
Non-profit agencies
Business registration & filing companies

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