When a word or character string is submitted into the Sanctions List OFAC SDN Search, along with any name or name component that exists on the SDN List and/or other sanctions lists, theSanctions List Search tooluses an appropriate string matching to look for potential matches. As a result of...
An OFAC check is the heart of all sanctions programs, as it allows you to find out whether or not an individual or company is legally authorised to conduct business in the US. It will also include information on economic and trade sanctions, and national security threats (e.g. foreign regi...
This tool employs fuzzy 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 ...
If the database flags the applicant’s name, the financial institution has an obligation to perform additional research and due diligence to see if the person referenced in the OFAC list is, in fact, the same as the individual applying for the account. If there is no match, then an ...
OFAC is a common acronym in business and banking, but what does OFAC stand for? The acronym OFAC stands for “Office of Foreign Assets Control”. The OFAC is an important part of the U.S. Department of the Treasury and holds the crucial task of administering and enforcing economic and tra...
What is the History of OFAC? OFAC has been in existence since 1950. It was preceded by the Office of Foreign Funds Control. Established in 1940, the FFC was designed to prevent Nazi seizure of assets held by occupied countries and to stop forced repatriation of those assets. ...
An EPC agreement, which stands for engineering, procurement, and construction, is a contract used for construction works performed by private entities on large-scale and complex infrastructure projects. EPC contracts are sometimes called turnkey construction contracts. Under an EPC contract, a contractor...
Who is on a sanctions list? Sanctions lists are normally passed by national governments or by an international authority such as the United Nations Security Council (UNSC). Many sanctions lists include targets involved in the criminal financing of terrorist activities. These entities can include: ...
Yes, in many industries and jurisdictions, sanctions screening is legally required. Non-compliance can lead to hefty fines, frozen assets, or criminal penalties. Who enforces sanctions screening requirements? Regulatory bodies such as the Office of Foreign Assets Control (OFAC), the UN, the EU, ...
When financial sanctions are put in place by either a government or multilateral organisation, they are designed to apply to most – if not all – companies and sectors, even if the business is not regulated by the Office of Foreign Assets Control (OFAC). An OFAC sanctions search and OFAC ...