What do you do if you have OFAC match?
Table of Contents
What do you do if you have OFAC match?
Assessing OFAC Name Matches
- If it’s hitting against OFAC’s SDN list, one of its other sanctions lists, or targeted countries, continue to 2 below.
- If it’s hitting for some other reason, you should contact the “keeper” of whichever other list the match is hitting against.
What should you do when you have a hit against the SDN list?
If it’s hitting against OFAC’s SDN list or targeted countries, continue FORWARD. If it’s hitting for some other reason, you should contact the “keeper” of whichever other list the match is hitting against.
How many days do you have to report an OFAC match?
within 10 days
Blocked and rejected transactions must be reported to OFAC within 10 days (see 31 C.F.R. §§ 501.603 and 501.604). Questions about whether a transaction should be blocked or rejected should be directed to OFAC’s Sanctions Compliance & Evaluation Division at [email protected].
What does the SDN list do?
The Specially Designated Nationals and Blocked Persons List, also known as the SDN List, is a United States government sanctions/embargo measure targeting U.S.-designated terrorists, officials and beneficiaries of certain authoritarian regimes, and international criminals (e.g. drug traffickers).
What should you do if you think you have a match to an individual or entity that appears on one of the sanctions list?
Where there’s a positive match, you must suspend the transaction and report the matter to either your:
- money laundering reporting officer (MLRO) or.
- money laundering compliance officer (MLCO)
What does OFAC match mean?
This software matches the credit applicant’s name and other information to the names on OFAC’s sanctions lists. If there is a potential match, the credit bureaus may place a “red flag” or alert on the report.
How do I clear an OFAC alert?
If an OFAC alert connected to your name is being reported to lenders, contact the creditor immediately and tell them you’re not on the list and the alert is incorrect. Send in a dispute letter and request for the alert to be removed from your credit history immediately.
What does SDN List prohibit?
U.S. Department of the Treasury Collectively, such individuals and companies are called “Specially Designated Nationals” or “SDNs.” Their assets are blocked and U.S. persons are generally prohibited from dealing with them.
Who do blocked funds on SDN list belong to?
Property and transactions which violate OFAC sanctions can be blocked by the shipper or the financial institution, which has a duty to inspect the SDN list and prevent the flow of funds or goods between the United States (and U.S. citizens living abroad) and the targeted nation or individual.
What is OFAC SDN list?
As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific.
What are AML sanctions?
Helping clients address known and emerging risks in an evolving regulatory environment.
Can I receive money in blocked account?
If an account is blocked then access is denied and you will not be able to access the money until the block is released. You could open another account at a different bank, but you will not be able to transfer any money into from the blocked account.
