When should I call the OFAC hotline?
When should I call the OFAC hotline?
When should I call the OFAC hotline?
If it’s hitting against OFAC’s SDN list or targeted countries, continue FORWARD. If it’s hitting for some other reason, you should contact the “keeper” of whichever other list the match is hitting against.
How do I contact OFAC?
When Should I Call the OFAC Hotline?…Contact us by Telephone.
| Toll Free Hotline Number | 1-800-540-6322 |
|---|---|
| OFAC Licensing Division (Direct Number) | 1-202-622-2480 |
How many days do you have to report an OFAC match?
10 days
Blocked and rejected transactions must be reported to OFAC within 10 days (see 31 C.F.R. §§ 501.603 and 501.604). Questions about whether a transaction should be blocked or rejected should be directed to OFAC’s Sanctions Compliance & Evaluation Division at [email protected].
What is an OFAC hit?
These hits usually occur when a customer is applying for a loan or when a potential employee applies for a job. The Office of Foreign Assets Control (OFAC) was created to keep companies from doing business with blocked parties such as drug traffickers, money-launderers, criminals, terrorists, and some countries.
How do I report to OFAC?
OFAC Reporting System
- Report of Blocked Transactions Form - Please e-mail completed forms to: [email protected].
- Report of Rejected Transactions Form – Please e-mail completed forms to: [email protected].
What are the three reports that must be submitted to OFAC?
The amendments in the blocking context include a revision that specifies the specific types of information submitters must include in initial blocking reports, annual reports on blocked property, and reports on property that is unblocked.
What is the penalty for violating OFAC regulations?
The Office of Foreign Assets Control (OFAC) Criminal penalties include a fine of up to $1 million and/or up to 20 years in prison for each violation. Civil penalties include a fine of up to $55,000 for each violation. Other penalties for violations of OFAC regulations include seizure/forfeiture of the goods involved.
How do I run OFAC?
You can look up a person’s or company’s name in an OFAC search on the U.S. Treasury’s website. All documents are public and easy to access. They are updated when necessary and there are records of post information. There will be a check on the person’s or company’s name against the Specially Designated National list.