OFAC is the U.S. civil enforcement agency tasked with implementing and enforcing American economic and trade sanctions and is responsible for maintaining the List of Specially Designated Nationals and Blocked Persons (the “S...
What’s the update:On August 23, 2024, OFAC significantly expandedits Specially Designated Nationals and Blocked Persons list (“SDN List”), updating 402 entities. Of these updates, 391 represent newly designated entities, targeting Russia’s metal, mining, and technology sectors across 16 jurisdic...
While this is the first time OFAC has placed smart contracts on the SDN list, OFAC has previously sanctioned other crypto-related individuals and entities (and crypto addresses associated with them) to the SDN list. We surveyed prior updates to the SDN list and identified the following instances...
logic in its name search field to identify potential matches with the OFAC SDN List and the Consolidated Sanctions List. Conducting an OFAC check using this tool helps businesses determine whether an individual or entity is allowed to engage in financial and trade transactions with the United ...
General Factor E (compliance program), OFAC may consider the existence, nature, and adequacy of an SCP. and when appropriate, may mitigate a CMP on that basis.在将OFAC在将指南适用于特定事实情况时,会把被处罚人在明显违规行为发生时所拥有的有效SCP作为一个有力因素进行考虑。例如,在通用因素E(合规...
Given the dynamic nature of U.S. economic and trade sanctions,a successful and effective SCPshould be capable of adjusting rapidly to changes published by OFAC. These include the following: (i) updates to OFAC's List of Specially Designated Nationals and Blocked Persons(the "SDN List"), the...