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OFAC Searches – What Are They and Why Do You Need Them?
OFAC searches are critical to protecting yourself and your business from severe civil and criminal penalties. But what is OFAC and who should be searched?
The Office of Foreign Assets Control
OFAC is an agency within the U.S. Department of Treasury charged with administering and enforcing trade restrictions or sanctions on foreign countries and companies registered in those countries. Additionally, OFAC maintains databases and publishes information regarding current restrictions and sanctions to ensure that Americans do not, whether knowingly or unknowingly, engage in financial transactions that contribute to terrorist activities, human trafficking, narcotics trafficking, and/or other illegal activities.
OFAC searches help identify information as to whether there are currently restrictions on trade with a specific person or company of interest from the specially Designated National (SDN) list. Failure to perform such a search can result in civil and criminal penalties, including jail time.
Protect Your Business
Using OFAC searches as a tool to verify the identity of your customers is an important step in conducting business safely. You may be at risk, vulnerable to individuals and/or organizations planning to commit fraud. As a business owner, you should do everything that you can to prevent and mitigate financial loss. OFAC searches can be an important step in that regard.
For more information on OFAC regulations and how they relate to state insurance statutes, check out our blog on OFAC regulations.
Meet All American Document Services
OFAC searches will enable you to make informed decisions about your business partners and avoid restricted companies and/or organizations. At All American Document Services, clarifying legal and financial risk is our specialty. We have been providing background checks of all kinds, including OFAC searches, since 2002. Visit our homepage to learn more!
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