Executing ANY financial transaction, regardless of the mechanism, that involves an embargoed country, or an individual named on the Specially Designated Nationals (SDN) list is a serious, indictable offence. That's just one of the ways OFAC regulations apply to companies across such a broad sweep of business sectors. Another is the increased likelihood of engaging with direct or indirect foreign beneficiaries as a result of the means by which business is increasingly done: more internet transactions, more complex electronic commerce or financial systems, supply chains, and transaction routings.
Eliminating the possibility and the unnecessary risk of engaging in prohibited business with a person or country subject to US economic sanctions can be cost-effective when you have the right OFAC compliance processes and solutions in place.
Contact us to learn how we've helped companies in your sector quickly and easily shore up gaps in the processes and functions that posed real risk. Or read more to learn about OFAC compliance issues in your sector, or business function: