“I have received overwhelming feedback on how easy the Visual Compliance OFAC compliance software is to use. The majority of my time is spent finding out who can use Visual Compliance and getting them hooked on compliance!”
COMPLIANCE OFFICER, ELECTRONICS INDUSTRY, NEW YORK
Read about it in the Export Compliance Journal
Who Can Play Ball? OFAC Regulations and the National Pastime
Looking for the quickest way to start screening for against OFAC lists?
Download our Visual OFAC brochure today, or get in touch with us to find the compliance solution that is right for you.
Comprehensive OFAC, SDN and Sanctions Screening Software
A robust OFAC Compliance Software Solution is necessary to ensure you do not do business with people or risk countries designated by OFAC on its watch lists—SDN and others. 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, individuals and risk countries that sponsor terrorism, narcotics trafficking, money laundering, and the proliferation of weapons of mass destruction.
As a leading OFAC screening software provider, our web-based OFAC compliance software integrates OFAC regulatory processes, and SDN, AML and sanctioned and embargoed country 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, sanctioned and embargoed countries, and other watch lists. Watch lists such as Foreign Sanctions Evaders, Consolidated Sanctions, FINCEN, Politically Exposed Persons (PEP), and Sectoral Sanctions Identifications (SSI) lists.
More detailed information about OFAC’s various sanctions programs can be found on OFAC’s website, or by perusing the Regulations pages on our dedicated OFAC solutions site, Visual OFAC.
OFAC compliance software advantages
Key OFAC screening features
Comprehensive watch lists
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 OFAC and 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, sanctioned and embargoed countries, and other OFAC and U.S. and international watch lists. 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 (e.g., banks, credit unions, insurance agencies and brokers, etc., 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.
Specially Designated Nationals and Blocked Persons (SDNs) are individuals and entities located throughout the world that are blocked pursuant to the various sanctions programs administered by U.S. Treasury’s Office of Foreign Assets Control (OFAC). SDNs can be front companies, parastatal entities, or individuals determined to be owned or controlled by, or acting for or on behalf of, sanctioned and embargoed countries or debarred groups. SDNs can also be specially identified individuals such as terrorists, money launderers, or narcotics traffickers.
U.S. persons are prohibited from engaging in any transactions with entities on the SDN, and other government watch lists, and must block any property in their possession or under their control in which an SDN has an interest.
The SDN watch list is designated primarily under the statutory authority of the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Anti-Terrorism and Effective Death Penalty Act, the Foreign Narcotics Kingpin Designation Act, and the USA Patriot Act. Implementing regulations can be found in Chapter V, Title 31 of the U.S. Code of Federal Regulations. Our OFAC compliance software is designed to stay up-to-date with these regulations.
How much are the fines for violating OFAC sanctions or dealing with entities on the SDN list?
Depending on the OFAC program—or the severity of an OFAC compliance violation—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 Cuba, Iraq, Russia, Sudan, Syria, Venezuela and the Ukraine) 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.