OFAC & SDNs

OFAC Violations—and Penalties—in 2016 Already Substantial

Three and a half million dollars—that’s the tally in fines and penalties from just four Office of Foreign Assets Control (OFAC) violations for just the first two months of 2016. And so far, at least, this is a light year. The total in penalties for 2015 reached $600 million, while OFAC fines hit a staggering... Read more »
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Steep Fines for the Unsuspecting: What You Need to Know About OFAC

Question: What do the following have in common – American Tune Up, First Ocean Administration GMBH, FMF General Trading LLC., Logistic Smart Limited, Pentane Chemistry Industries, Pearl Energy Company LTD, Bay Industries Inc., Lancelin Shipping Company Limited, Starry Shine International Limited, and VR Fruit Company? Answer: All are found on the Specially Designated Nationals and... Read more »
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Stop that Contractor! Excluded Parties List System

Paying the wrong person or business can land your organization in hot water. While all U.S. payees are required to check their vendors against lists such as the Office of Foreign Assets Control’s SDN List, federal government agencies have to go a step further. The federal government maintains a separate list, called the Excluded Parties... Read more »
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OFAC (& Anti-Money Laundering) Compliance Resources

Compliance Software There are a number of providers of compliance software. According to OFAC, buyer beware, not all packages are created equal. Look for compliance software by companies with an understanding of the laws, lists and compliance issues, not simply data matching software. Compliance software must have good near-match capabilities, and should include the ability... Read more »
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Final OFAC Enforcement Guidelines Punish Violators

Following a public comment period where businesses expressed concerns about the severity of penalties, the Department of Treasury Office of Foreign Assets Control issued its final rule on the Economic Sanctions Enforcement Guidelines. Organizations asked OFAC to reduce penalties or to be more lenient in specific scenarios. In almost every instance, OFAC declined. The final... Read more »
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