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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