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Welcome to OFAC Guide

The Office of Foreign Asset Control (OFAC) is a division of the U.S. Treasury Dept. OFAC administers economic sanctions involving certain nations, groups, and individuals. The U.S. Patriot Act requires that all companies and individuals doing business in the U.S. must comply with OFAC regulations. At a high-level, OFAC requires the blocking of accounts and property of specified countries, entities and individuals. It also prohibits unlicensed trade and financial transactions with sanctioned countries, entities and individuals.

Is Your Organization OFAC Compliant for 2023?

All U.S. residing persons and U.S. banks, domestic branches, agencies, international banking facilities, foreign branches and overseas offices and subsidiaries are required to comply with OFAC regulations when transacting in U.S. dollars. This includes U.S. branches of foreign financial institutions, as well as U.S. persons working at foreign corporations outside of the U.S. at the time the transactions are processed.

OFAC regulations impact and effect certain industries and businesses more than others. The following is a list of industries that are affected by OFAC compliance:

Financial and banking industry
Credit bureaus & reporting agencies
Insurance industry
Travel and tourism industry

Import and export industry
Non-Governmental Organizations (NGO)
Non-profit agencies
Business registration & filing companies

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