OFAC Licensing and Litigation

All U.S. entities that do business with specially designated nationals (SDNs) have compliance obligations that are enforced by the Office of Foreign Assets Control (OFAC). However, financial institutions are in a unique position that mandates extensive OFAC compliance...

In order to transfer assets as a specially designated national (SDN) or to engage in transactions involving an SDN’s blocked assets, it is necessary to obtain a license from the Office of Foreign Asset Control (OFAC). OFAC issues two types of licenses – general and...