By Keith HuntPosted
Vetting Against OFAC Sanctions Part 2
This is the second of two parts. If you have not yet read Part 1, we recommend doing so before reading Part 2.
Review from Part 1
As a business, you are responsible for knowing who your customers are and whether or not they are on the OFAC Sanctions list. OFAC is the Office of Foreign Assets Control, and it maintains a list of individuals and businesses that are sanctioned by the United States government. Sanctions can include anything from economic restrictions to a full travel ban. If you do business with someone who is on the OFAC list, you could face heavy fines. So it’s important to check your customers against the list regularly to avoid any run-ins with the law. (more…)