OFAC's Role
Question: We're staggering in our efforts to comply with OFAC requirements. Sometimes people ask whether OFAC works as hard as we do. So we'd like to know what OFAC does all day?
Answer: Most of what OFAC does is behind closed doors. They identify and track down all sorts of bad guys and place them on lists. In addition, OFAC is constantly compiling new information to make the identification of entities on the OFAC list more precise. Since 9/11, OFAC's level of activity has skyrocketed. Just as an example, OFAC takes more than 1,000 calls a week into the compliance area. Can you imagine taking that many compliance questions per week?
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 7, 7/04
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