False Hit Lists Guidance U.S. persons are responsible for developing appropriate risk-based controls to enable compliance with the regulations administered by the Office of Foreign Assets Control (OFAC). Sanctions related screening is often a valuable tool in enhancing compliance controls. U.S. persons, including financial institutions, frequently conduct sanctions screening of customer databases and/or transactions (e.g., […]

Financial institutions and other U.S. persons who conduct business with foreign parties have become increasingly aware of their obligation to thoroughly vet the parties with which they are doing business. Often, as part of their due diligence process, employees are tasked with screening the Office of Foreign Assets Control’s (OFAC) List of Specially Designated Nationals […]