Ofac what is wiki

There is often a lack of clarity on which lists an OFAC screening includes. The lack of distinction leads to confusion when the term "Non-SDN" comes up in search results.

According to OFAC, SDNs include "individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries" and "individuals, groups, and entities OFAC compiles information about SDNs, including names, addresses, aliases, tax IDs, passport numbers, dates of birth, nationalities, and any other pertinent data.

It then publishes the data on what is known as the SDN List. Note that the prohibitions in this part also apply to most transactions with persons located in Iran that are not the Government of Iran.

Notes to Appendix A to Part New names of persons determined to be the Government of Iran and changes to existing listings also are published in the Federal Register. The term Government of Iran includes: a The state and the Government of Iran, as well as any political subdivision, agency, or instrumentality thereof; b Any entity owned or controlled directly or indirectly by the foregoing; c Any person to the extent that such person is, or has been, or to the extent that there is reasonable cause to believe that such person is, or has been, since the applicable effective date, acting or purporting to act directly or indirectly on behalf of any of the foregoing; and d Any person or entity designated by the Secretary of the Treasury as included within paragraphs a through c of this section.

The property and interests in property of such an entity, therefore, are blocked, and such an entity is a person whose property and interests in property are blocked pursuant to IEEPA, regardless of whether the entity itself is listed on the Office of Foreign Assets Control's Specially Designated Nationals and Blocked Persons List.

Executive Order also blocks the property and interests in property of the Government of Libya. The property and interests in property of persons falling within the definition of the term Government of Libya are blocked pursuant to this section regardless of whether the names of such persons are published in the Federal Register or incorporated into the SDN List.

An embargo is a government order that restricts commerce or exchange with a specified country, usually as a result of political or economic problems. Combating the Financing of Terrorism CFT Combating the Financing of Terrorism is a set of policies aimed to deter and prevent funding of activities intended to achieve religious or ideological goals through violence.

Anti Money Laundering AML Anti-money laundering AML refers to laws and regulations intended to stop criminals from disguising illegally obtained funds as legitimate income. Understanding Jurisdiction Risk Jurisdiction risk is the risk that arises when operating in a foreign jurisdiction. For banks, this can pertain to areas that are high-risk for money laundering and terrorism financing.

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I Accept Show Purposes. Although many of the sanctions programs share similar exemptions, the general licenses differ across the various sanctions program. Nonetheless, the use of country-based sanctions has decreased with the advent of more flexible list-based programs described in further detail below.

Although sanctions programs that target entire nations may be more punitive to governments that are considered enemies of the United States, the use of broad sanctions regulations have also harmed the civilian populations of such nations.

The use of list-based sanctions, or smart sanctions, has allowed the U. Indeed, list-based sanctions have been particularly helpful from a law enforcement perspective of OFAC sanctions. OFAC prohibits transactions between U. Second, list-based sanctions can be effectively enforced through automated screening, which enables U. Because of their flexibility and precision, smart sanctions are now the standard for OFAC sanctions programs.

List-based sanctions have become the norm for law enforcement-based economic sanctions programs. In addition, the U.