Have You Complied with OFAC Lately?

The Office of Foreign Asset Control (OFAC) is an important player in the world of bank compliance. They're the folks who maintain the list of Specially Designated Nationals, Blocked Persons and the like. Entities on the list have creative ways of presenting themselves to look like legitimate businesses. Banks are required to know who is on the lists, identify and hold incoming assets in an interest bearing account, and notify OFAC. OFAC takes it from there. Failure to comply results in serious civil money penalties. Compliance is definitely worth your while. OFAC provides a support line for bank compliance questions. Just call (800) 450-OFAC.

Copyright © 1996 Compliance Action. Originally appeared in Compliance Action, Vol. 1, No. 8, 5/96