The Office of Foreign Assets Control (OFAC) enforces sanctions regulations by adding individuals and entities to at least one of various sanctions and blocking lists. OFAC creates and manages lists in response to specific foreign policy and national security events. An entity or individual can avoid being placed on a sanctions list by developing a compliance program, avoiding transactions with any suspected criminal or terrorist entities, and keeping a very close eye on international relations. Wars and major international incidents may suddenly shift regulations that result in new lists or the removal of older lists so it is important to have an individual in a business that actively updates and enriches that business' compliance program.
Watch our video about avoiding sanctions lists above. Have additional questions? Give our office a call today.
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