Who is subject to sanctions by US Treasury and OFAC?
U.S. persons must comply with OFAC regulations, including all U.S. citizens and permanent resident aliens regardless of where they are located, all persons and entities within the United States, all U.S. incorporated entities and their foreign branches.
What is OFAC SSI list?
The Sectoral Sanctions Identifications List (the. “SSI List”) This publication of Treasury’s Office of Foreign Assets Control (“OFAC”) is a reference tool providing actual notice of actions by OFAC with respect to persons that are identified pursuant to Executive Order 13662.
What are sanctions in KYC?
The sanction means measures taken by countries to restrict trade and official contact with a country with broken international law. Sanction Screening Service helps companies detect financial crimes and comply with AML / KYC regulations.
Who is on US sanctions list?
Combined, the Treasury Department, the Commerce Department and the State Department list embargoes against 20 countries or territories:
- Afghanistan.
- Belarus.
- Bolivia.
- Cambodia.
- China.
- Crimea.
- Cuba.
- Eritrea.
What is a targeted sanction?
Targeted sanctions are intended to be directed at individuals, companies and organizations, or restrict trade with key commodities. The following instruments can be applied: Financial sanctions (freezing of funds and other financial assets, ban on transactions, investment restrictions)
What is OFAC non Sdn?
Non-SDN Menu-Based Sanctions List (NS-MBS List) This publication by the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designed as a reference tool that identifies persons subject to certain sanctions. The specific sanctions will be enumerated on a record-by-record basis on this list.
What is PEP and sanctions?
What are PEP and Sanction checks? PEPs and Sanctions checks are often discussed simultaneously as they are both required by KYC laws. These checks allow you to see if a company has been sanctioned or if a politically exposed person is connected to the company.
What do you mean by US sanctions?
Primary sanctions restrict US companies, institutions, and citizens from doing business with the country or entities under sanctions. According to Abdelal, secondary sanctions often separate the US and Europe because they reflect US interference in the affairs and interests of the EU.
What are the examples of targeted sanctions?
The following instruments can be applied:
- Financial sanctions (freezing of funds and other financial assets, ban on transactions, investment restrictions)
- Trade restrictions on particular goods (e.g. arms, diamonds, oil, lumber) or services.
- Travel restrictions.
- Diplomatic constraints.
- Cultural and sports restrictions.
What does NS-Isa stand for?
Non-SDN Iranian Sanctions Act (NS-ISA) List On October 9, 2012, the President signed Executive Order (E.O.) 13628, which provides for, among other things, the implementation of certain sanctions set forth in the Iran Threat Reduction and Syria Human Rights Act of 2012 (TRA).
What is the OFAC NS-ISA list?
This publication of Treasury’s Office of Foreign Assets Control (“OFAC”) is designed as a reference tool providing actual notice of actions by OFAC with respect to the Non-SDN Iranian Sanctions Act List (the “NS-ISA List”), to assist the public in complying with the various sanctions programs administered by OFAC.
What are program tags for OFAC sanctions lists?
Program Tag Definitions for OFAC Sanctions Lists The program codes or “tags” following each sanctions list entry indicate the sanctions program pursuant to which the person has been blocked, designated, or identified. Each sanctions list entry may have multiple program tags and may also appear on more than one list.
What do the program codes mean on a sanctions list entry?
The program codes or “tags” following each sanctions list entry indicate the sanctions program pursuant to which the person has been blocked, designated, or identified. Each sanctions list entry may have multiple program tags and may also appear on more than one list.