Frequently Asked Questions About OFAC
Below is a list of OFAC-related frequently asked questions answered by an OFAC sanctions attorney
- What is OFAC?
- What does OFAC do?
- What is the SDN list?
- Is the SDN list open to the public?
- How long does it take to be removed from the SDN list?
- Can I get permission to do business with a targeted nation?
- How long is the license application process?
- What is an OFAC subpoena?
- What is the statute of limitations for OFAC violations?
- How long do I need to keep records for OFAC?
- What does the term ‘prohibited transaction’ mean?
- What is a blocked asset?
- Who needs to comply with OFAC regulations?
- Is it legal to block my transaction if I am not the target of OFAC sactions?
- What is the 50 percent rule?
- Are shadow blocked entities on the SDN list?
- How do unlisted blocked entities affect me?
- Can I send money to family in a foreign country?
- Is there a dollar limit that triggers OFAC regulations?
- A package I shipped was returned to me due to OFAC’s sanctions, what happened?
- How can I find out if my OFAC compliance program is adequate?
- What is an internal audit?
- How do I screen for OFAC matches?
- What do I do if I think I have found an OFAC Match?
- Are NGOs and nonprofits subject to OFAC regulations?