Tag: OFAC

In recent years, United States financial regulators have established themselves as global leaders in enforcement. In 2022, they imposed $3bn in fines, nearly three...

A recent post by Alessa has detailed what the Office of Foreign Assets Control Specially Designated Nationals and Blocked Persons List is.

The world of global finance comes with its share of dangers. From the looming shadows of money laundering to the menace of terrorist financing, safeguarding transactions is not just prudent, it's mandatory. This brings Enhanced Due Diligence (EDD) into the limelight.

Regulatory fines slapped on global financial institutions saw a staggering 88% dip in H1 2023 compared to the same period last year. This significant decline was unveiled in a report from Fenergo, the top-tier provider of digital solutions in client lifecycle management (CLM).

Compliance with the Office of Foreign Assets Control (OFAC) sanctions is a major challenge for financial institutions, but how can they be certain they meet the necessary requirements.