The Office of Foreign Assets Control (OFAC) plays a vital role in maintaining national security and promoting U.S. foreign policy objectives. As part of the U.S. Department of the Treasury, OFAC administers and enforces economic and trade sanctions against targeted individuals, entities, and countries.
In this article, we will explore the Office of Foreign Assets Control, its responsibilities, the significance of OFAC compliance, the process of OFAC screening, and the latest OFAC sanctions list. Join us as we delve into the intricacies of this important regulatory body and its impact on global financial transactions.
The Office of Foreign Assets Control (OFAC) is a division of the U.S. Department of the Treasury responsible for administering and enforcing economic and trade sanctions.
Financial institutions and businesses must regularly check and monitor the latest OFAC sanctions list to ensure they are not engaging in prohibited transactions with designated parties.
Read More: What Are the Repurcussions of Breaching OFAC Sanctions