How Can I Apply for an OFAC License?
The Office of Foreign Assets Control (OFAC) has two methods to apply for a license. Their online portal is the agency's preferred method, through which all information is provided and supporting records are uploaded. The second method is through the physical or fax submission for a specific license, and a telephone call over to OFAC can help clarify what the agency's preference is in regards to how you submit it.
An applicant must typically set forth the nature of the transaction including any product or financial institution information where applicable, and provide the details of every party involved in the transaction. All research should be done in advance of filing the application to ensure that none of the foreign parties involved are listed as a party with whom transactions are prohibited, which could be for several reasons depending on where in the world they are. This is because engaging in a transaction with a listed party would lead to a denial of the application as it would be unlawful to do so.
There are many facets to obtaining OFAC approval of a license and care should be taken to prepare one as comprehensively and carefully as possibly.
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