OFAC Reporting and Procedures Regulations
Plain English Summary
Enforces economic sanctions requiring U.S. persons and companies to block transactions with sanctioned countries and individuals.
Full Text
The Office of Foreign Assets Control administers and enforces economic and trade sanctions against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to weapons of mass destruction. All U.S. persons must comply with OFAC sanctions programs.
U.S. financial institutions must block transactions involving property of designated persons and entities listed on the Specially Designated Nationals and Blocked Persons List (SDN List). Violations can result in civil penalties of up to $356,579 per violation or criminal penalties including fines and imprisonment.