Compliance Solutions

OFAC Compliance

Comprehensive OFAC and SDN Screening Software

A robust OFAC Compliance Software Solution is necessary to ensure you do not do business with people designated by OFAC on its watch lists. 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 and individuals that sponsor terrorism, narcotics trafficking, money laundering, and the proliferation of weapons of mass destruction.

Our OFAC compliance software integrates OFAC regulatory processes and SDN 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 list and other watch lists.

  • OFAC compliance software advantages

      more +
  • Key OFAC screening features

      more +
  • Comprehensive watch lists

      more +

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 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 list. 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 (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 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 the OFAC SDN list requires pre-processing with specialized OFAC compliance software that verifies, optimizes, and structures it 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 requirements. more +

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

Depending on the OFAC program, 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 Burma, Cuba, and Sudan) 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.