![]() This makes sense, as credit reports are often part of loans or insurance applications. As a result, OFAC alerts can sometimes show up on credit reports. A similar restriction applies to insurance companies. This list was primarily designed for use by financial institutions they are not permitted to deal with anyone on the list. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific. ….a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. And in the context of criminal background checks, the Specially Designated Nationals (SDN) list became more important. The desire to identify terrorists increased in the business community as a whole. With the events of 9/11, OFAC’s attention turned to terrorism. Witness the case of Al Capone, convicted of income tax evasion rather than murder, and the successful use of anti-racketeering laws to reduce Mafia influence. The government learned a while ago that it is easier to interfere with or track the flow of criminal funds, than to prosecute the underlying criminal activity. Sanctions, first used in 1812 against Great Britain, are part of the tools used to apply financial pressure to a group. It is the official body that determines whether or not an entity or individual is permitted to do business with the United States. The Office of Foreign Assets Control is part of the U. In this post we explore what OFAC is, what an OFAC check does, and whether it is appropriate for use in corporate employment screening. Many customers have asked us about OFAC, named for the Office of Foreign Assets Control. ![]()
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