Compliance Solutions

OFAC, AML, Sanctioned Country Compliance—and More

Comprehensive OFAC, SDN and Sanctions Screening Software

A robust OFAC Compliance Software Solution is necessary to ensure you do not do business with people or risk countries designated by OFAC on its watch lists—SDN and others. The Office of Foreign Assets Control (OFAC), a division of U.S. Department of the Treasury, administers and enforces foreign assets control in support of U.S. Sanctions programs, including organizations, individuals and risk countries that sponsor terrorism, narcotics trafficking, money laundering, and the proliferation of weapons of mass destruction.

Our web-based OFAC compliance software integrates OFAC regulatory processes, and SDN, AML and sanctioned and embargoed country screening into your current business processes to help you achieve the OFAC compliance level specific to your industry. It also makes sure you stay up-to-date with changes to OFAC regulations and sanctions, as well as with updates to the SDN, sanctioned and embargoed countries, and other watch lists. Watch lists such as Foreign Sanctions Evaders, Consolidated Sanctions, FINCEN, Politically Exposed Persons (PEP), and Sectoral Sanctions Identifications (SSI) lists.

  • OFAC compliance software advantages

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  • Key OFAC screening features

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  • Comprehensive watch lists

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For more information about our Visual OFAC software, visit our dedicated Visual OFAC site, call toll-free 1-877-328-7866 (Intl: 716-881-2590) and talk to one of our OFAC and sanctions compliance consultants, or send an email.

 

Which companies require an OFAC compliance software solution?

All U.S. persons are subject to and must comply with OFAC regulations and avoid doing business with sanctioned countries and entities on the SDN, sanctioned and embargoed countries, and other OFAC and U.S. and international watch lists. However, companies and organizations traditionally considered most at risk, hence most in need of an OFAC compliance software solution, include those defined by FinCEN as "financial services" providers (e.g., banks, credit unions, insurance agencies and brokers, etc., which especially require strong anti-money laundering programs), those producing, buying, selling, or conducting research on export controlled goods and services, and companies that provide supply chain or logistics services to the aforementioned organizations. more +

OFAC compliance programs include anti-money laundering (AML) measures, controls on export and other financial transactions, as well as the freezing of foreign assets of sanctioned entities, all of which require the tracking and screening capabilities of a solid OFAC compliance software solution. The Specially Designated Nationals and Blocked Persons (SDN) program lists sanctioned companies, organizations and individuals that U.S. persons are prohibited from dealing with and whose assets are blocked. This watch list is published and regularly updated by OFAC.

Like most publically available watch lists, for high levels of compliance certainty, OFAC SDN and other watch lists require pre-processing with specialized OFAC compliance software that verifies, optimizes, and structures them for subsequent use in screening applications and integrations. If the data isn't pre-processed by such an OFAC solution, screening results do not meet purpose standards and cannot be guaranteed to meet anti-money laundering (AML) and other OFAC compliance requirements. more +

How much are the fines for violating OFAC sanctions or dealing with entities on the SDN list?

Depending on the OFAC program—or the severity of an OFAC compliance violation—criminal penalties can include fines ranging from $50,000 to $10,000,000, and imprisonment ranging from 10 to 30 years. Civil penalties range from $250,000—or twice the amount of each underlying transaction to $1,075,000 for each violation.

OFAC Sanctions on Iran

Iran is among a number of countries (including Cuba, Iraq, Russia, Sudan, Syria, Venezuela and the Ukraine) under OFAC sanctions. Iran is frequently in the international spotlight, with a recent development being new sanctions, signed into law by the Obama Administration, which bar foreign financial institutions from the U.S. banking system if they conduct or facilitate significant financial transactions with the Central Bank of Iran or other designated Iranian banks. To learn more, check out our OFAC Iran Sanctions page.