What is OFAC and Why Should I Care?
As a business, you are responsible for knowing who your customers are and whether or not they are on the OFAC 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 or some entity or accept payment with a digital currency that 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…)