{"id":2879,"date":"2022-09-16T14:30:39","date_gmt":"2022-09-16T14:30:39","guid":{"rendered":"https:\/\/truthtechnologies.com\/?p=2879"},"modified":"2026-05-13T16:28:29","modified_gmt":"2026-05-13T16:28:29","slug":"a-guide-to-2022-ofac-screening-requirements","status":"publish","type":"post","link":"https:\/\/truthtechnologies.com\/es\/a-guide-to-2022-ofac-screening-requirements\/","title":{"rendered":"A Guide to 2022 OFAC Screening Requirements"},"content":{"rendered":"

A Guide to 2022 OFAC Screening Requirements<\/h2>\n\n\n\n
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Financial institutions and other regulated entities have a duty to conduct risk assessments in an effort to prevent illegal transactions and comply with federal and state laws. These businesses are required to regularly screen new and current customers\u2014both individuals and organizations\u2014to verify their identity and determine if they are listed on any sanctions or wanted lists.<\/p>\n\n\n\n

There are several screening processes high-risk businesses must undergo to follow anti-money laundering (AML) regulations,<\/a> such as screening for politically exposed persons (PEPs)<\/a>, performing due diligence through know your customer (KYC) checks<\/a>, and reviewing various sanctions lists and databases<\/a> for matching parties. Another AML requirement is ensuring OFAC compliance.<\/p>\n\n\n\n

What Is OFAC?<\/h2>\n\n\n\n

The Office of Foreign Assets Control (OFAC) is part of the United States Department of the Treasury. It enforces economic and trade sanctions in the name of national security.<\/p>\n\n\n\n

OFAC publishes lists of individuals and organizations that are owned or controlled by targeted foreign countries as well as those participating in narcotics trafficking, terrorism, the proliferation of weapons of mass destruction, or other threats to the US. Any individual, organization, or entity appearing on OFAC sanction lists may be acting on behalf of certain foreign countries and regimes or suspected of these illegal activities.<\/p>\n\n\n\n

OFAC has placed restrictions on doing business with any of the parties on these various watch lists. Any organization conducting financial transactions with, or someone located in, a sanctioned country runs the risk of fines and other penalties, including criminal convictions.<\/p>\n\n\n\n

OFAC Screening Requirements<\/h2>\n\n\n\n

Regulated entities, including financial institutions, are required to conduct OFAC screening to ensure they are not involved in a transaction with any of the parties named on OFAC sanction lists. There are several lists maintained by OFAC, including the following:<\/p>\n\n\n\n