What is on the OFAC list?
OFAC Sanctions Lists
OFAC publishes lists 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 is government sanctions registry check?
Sanctions checks are specialized searches that include a number of government sanction databases that identify individuals who are prohibited from certain activities or industries.
How do you run an OFAC check?
You can look up a person's or company's name in an OFAC search on the U.S. Treasury's website. All documents are public and easy to access. They are updated when necessary and there are records of post information. There will be a check on the person's or company's name against the Specially Designated National list.
How long are records for financial sanctions are kept?
Limited company records must be kept for a minimum of six years. Some documentation, however, will need to be retained for 10 years – this includes VAT MOSS records, minutes of meetings (detailing any resolutions), and the companies' statutory books.
What is OFAC blocked property?
When an OFAC sanctions program prohibits trade or transactions with an individual, a business, or a foreign government, property involved in a violation of OFAC regulations may be “blocked” or frozen.