Which statement is the most accurate in describing who must comply with Office of Foreign Assets Control (OFAC) sanctions?

The correct answer is A. All U.S. citizens and permanent residents regardless of where they are located, all U.S.-. OFAC sanctions apply extraterritorially, meaning U.S. persons must comply regardless of their Option A (Correct): OFAC sanctions apply to all U.S. citizens, permanent residents, entities incorporated in the U.S. (including foreign branches), and individuals/entities within U.S.

Compliance Standards (International AML/CFT Standards and the role of FATF)

Question

Options

AAll U.S. citizens and permanent residents regardless of where they are located, all U.S.-
BAll U.S. citizens and permanent residents regardless of where they are located, all U.S.-
CAll U.S. citizens except those with dual nationality, U.S. permanent residents, all U.S.-
DAll U.S. citizens and permanent residents while located in the U.S., all U.S.-incorporated entities

How the community answered

(38 responses)

A
79% (30)
B
5% (2)
C
13% (5)
D
3% (1)

Explanation

OFAC sanctions apply extraterritorially, meaning U.S. persons must comply regardless of their Option A (Correct): OFAC sanctions apply to all U.S. citizens, permanent residents, entities incorporated in the U.S. (including foreign branches), and individuals/entities within U.S.

Topics

#OFAC sanctions#sanctions applicability#US jurisdiction#sanctions compliance

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