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Compliance
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| The Office of Foreign Assets Control (OFAC) administers and enforces economic sanctions programs primarily against countries and groups of individuals, such as terrorists and narcotics traffickers. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals. All U.S. persons (which by legal definition include firms) must abide by these sanctions—this is the meaning of compliance. |
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| OFAC compliance is an important aspect of doing business with foreign firms and individuals, for American firms. US firms must make sure they are not doing businesses with individuals or firms which have being sanctioned by the United States. |
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| List-Based Sanctions Programs Include: |
- Anti-Terrorism
- Counter Narcotics Trafficking
- Non-proliferation
- Diamond Trading
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| OFAC publishes a list of Specially Designated Nationals and Blocked Persons ("SDN list") which includes over 3,500 names of companies and individuals connected with the sanctions targets. A number of the named individuals and entities are known to move from country to country and may end up in unexpected locations. U.S. persons are prohibited from dealing with SDNs wherever they are located and all SDN assets are blocked. It is important to check OFAC's website on a regular basis to ensure that your SDN list is current. |
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| Stigasoft Compliance team consisting of Highly Skilled executives ensures OFAC compliance is thoroughly checked and report the same in case of any compliance hits. |
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| Contact Us for Compliance Services. |
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