What is OFAC?

What is OFAC?

OFAC Stands for "Office of Foreign Asset Control"

 

Brief explanation 

It is a department of the U.S. Treasury that enforces economic and trade sanctions against countries and groups of individuals involved in terrorism, narcotics and other disreputable activities.

  • Thus the US banks screen each and every beneficiary before processing funds to their respective accounts to check if they fall under the restricted list of individuals under OFAC.
  • To make the process faster Ketto also uses an OFAC tool and screens all the beneficiaries.
  • If an individual is being flagged in the OFAC tool, they need to submit -
  1. Passport

The reason we ask for a passport is that it is an internationally recognised document. It should be valid and not expired.

     Or 

  1. Birth Certificate

It should contain the address of that particular individual. Only Birth Certificates in English are considered for OFAC. 

  • If both the above mentioned documents are missing then, one needs to provide any other person who can act as beneficiary and have all the requisite documents.
  • Ketto does not accept any other documents except the ones mentioned above.

What is OFAC?

https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information

 

What is Visual Compliance?

https://www.visualcompliance.com/compliance_solutions/restricted_party_screening.html