OFAC
Office of Foreign Assets Control
OFAC is a US Treasury Department agency that administers and enforces economic sanctions against targeted foreign countries, individuals, and entities.
Financial institutions must screen transactions and customers against OFAC's sanctions lists. Violations can result in significant fines. OFAC sanctions can prohibit transactions with certain countries, individuals, or organizations.
Related Terms
AML
Anti-Money Laundering
AML refers to the laws, regulations, and procedures designed to prevent criminals from disguising il...
BSA
Bank Secrecy Act
The BSA is a US law requiring financial institutions to assist government agencies in detecting and ...
KYC
Know Your Customer
KYC is the process financial institutions use to verify the identity of their customers. It's a key ...
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