What is sanctions and ofac?

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Accepted Answer

Sanctions and OFAC are regulatory measures imposed by governments to restrict or prohibit certain activities with specific countries, entities, or individuals.

Sanctions are penalties or restrictions imposed on countries, entities, or individuals to achieve specific foreign policy or national security objectives.
OFAC stands for Office of Foreign Assets Control, a U.S. government agency responsible for enforcing economic and trade sanctions based on U.S. foreign policy and national security goals.
Sanctions can include trade embargoes, asset freezes, travel bans, and restrictions on financial transactions.
Examples of sanctioned countries include Iran, North Korea, and Syria.
Compliance with sanctions and OFAC regulations is crucial for financial institutions to avoid legal and reputational risks.

What is sanctions and ofac?

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