What is OFAC?

OFAC is the U.S. Office of Foreign Assets Control, which is responsible for administering and enforcing economic and trade sanctions. Financial apps and marketplaces can’t do business with sanctioned persons, entities, and countries, so violations carry penalties, seizures, and reputational risk.

Operationalize screening with high‑quality lists, fuzzy matching, and context rules (aliases, locations, beneficial owners). Review potential matches quickly with documented decisions and audit trails. When uncertainty remains, restrict activity until you know. Keep monitoring ongoing—new names and aliases appear, and programs change.

Anchor name‑risk in your sanctions & PEP screening process and connect it to a risk‑based AML compliance framework so escalations and reports don’t stall. Screening isn’t a one‑time event; it’s a heartbeat.