How do I do an OFAC check?

You can look up a person’s or company’s name in an OFAC search on the U.S. Treasury’s website. All documents are public and easy to access. They are updated when necessary and there are records of post information. There will be a check on the person’s or company’s name against the Specially Designated National list.

What is the purpose of an OFAC check?

For example, an Office of Foreign Assets Control (OFAC) check indicates “specially designated nationals, terrorists, narcotics traffickers, blocked persons and vessels and parties subject to various economic sanctioned programs who are forbidden from conducting business in the United States, as well as entities subject …

What is an OFAC inquiry?

The Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities …

Who is on OFAC list?

As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific.

What is OFAC in banking?

When we bankers open accounts, we are always told to “check the OFAC list”. This happens in all departments – deposits, loans, and even trust. But what exactly is the OFAC list? The Office of Foreign Assets Control (OFAC) is a department of the U.S. Treasury that administers and enforces economic and trade sanctions.

What is an OFAC background check?

An OFAC check is the right way to go when hiring anyone in the financial, export/import, money services or insurance industries. Other businesses that engage in international work would benefit in the comfort of knowing your vendors and employees all have passed the OFAC background check as well.

What are the OFAC regulations?

OFAC Regulations Preempt State Insurance Regulations. The Office of Foreign Assets Control (OFAC) is an agency within the U.S. Department of Treasury charged with administering and enforcing trade restrictions or sanctions on foreign countries and companies registered in those countries.

Who is targeted by OFAC sanctions?

OFAC-administered sanctions are imposed against targeted countries and regimes, as well as individuals and companies. When targeted, such persons are known as Specially Designated Nationals (SDNs). OFAC-targeted foreign countries and regimes are excluded from trade and business with the United States.