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Protecting Yourself against OFAC Violations

While OFAC itself does not require financial institutions or other businesses to set up a formal compliance program, it is highly recommended. A due diligence system will streamline the process of checking potential clients against OFAC lists.

The SDN list alone has thousands of names and aliases, making it more cost effective to purchase an automated software solution that will perform a regularly scheduled OFAC search than to check the frequently-updated sanction lists by hand.

With or without OFAC screening software, the U.S. government will hold any violator accountable. However, proof of due diligence may result in leniency, should such an event occur.

The Global Sanctions List is WorldCompliance solution to the issue of multiple OFAC lists. All of the information is consolidated into one database for easy searching and verification.