What can a compliance officer do in the absence of automated software to conduct U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) sanction screens?

The correct answer is D. Obtain up-to-date copies of the OFAC's Specially Designated Nationals list. As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under…

AML/CFT Compliance Programs

Question

Options

ARely on a credit report from OFAC
BConduct a key-word search on the Internet
CUse the consolidated Sanctions List Search screen on the OFAC website
DObtain up-to-date copies of the OFAC's Specially Designated Nationals list

How the community answered

(22 responses)

A
5% (1)
B
5% (1)
C
9% (2)
D
82% (18)

Explanation

As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country- specific. Collectively, such individuals and companies are called "Specially Designated Nationals" or "SDNs." Their assets are blocked and U.S. persons are generally prohibited from dealing with them.

Topics

#OFAC sanctions#SDN list#manual screening#sanctions compliance

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