Brian Kuester
Former U.S. Attorney
Lynette Byrd
Former Assistant
U.S. Attorney
John Sellers
Former DOJ
U.S. Attorney
Joe Brown
Former U.S. Attorney
(Local Counsel)
Dr. Nick Oberheiden
Attorney & Founder
OFAC Compliance in 2024: Who Needs to Comply?
OFAC Compliance in 2024: Who Needs to Comply? The Office of Foreign Assets Control (OFAC) regulates financial transactions between U.S. and foreign parties. While most U.S. bank executives are familiar with OFAC’s requirements, OFAC’s enforcement authority extends far beyond traditional financial institutions operating on domestic soil. Who must comply with...
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What You Need to Know About FINRA and OFAC Enforcement of U.S. Sanctions
Some of the many laws that broker-dealers and their brokerage houses have to comply with are the ones that authorize the President of the United States to impose economic sanctions on America’s foreign enemies and those who threaten the country’s interests and national security. The Office of Foreign Assets Control...
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10 OFAC Sanctions Defense Strategies
Violating Office of Foreign Asset Control (OFAC) sanctions can have significant consequences for both entities and individuals. Not only can sanctions violations lead to OFAC enforcement actions, but they can also trigger criminal prosecution in some cases. As a result, entities and individuals that do business with foreign parties must...
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OFAC Sanctions List – Keys for Getting Removed
Placement on an OFAC sanctions list can have severe consequences. In most cases, this involves being labeled as a specially designated national (SDN). However, while the Office of Foreign Assets Control (OFAC) routinely places individuals and entities on the SDN list, it also regularly removes individuals and entities from the...
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OFAC Risk Assessments and Reviews: OFAC’s Risk Matrix and the Steps for Assessing OFAC Compliance
For financial institutions in the United States of all sizes, complying with the Bank Secrecy Act (BSA) and the various other laws and regulations enforced by the Office of Foreign Assets Control (OFAC) needs to be a priority. Failure to effectively manage OFAC compliance can create substantial legal exposure, and...
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What to Know Before You Hire an OFAC Sanctions Attorney
Violating Office of Foreign Assets Control (OFAC) sanctions can have severe consequences. When prosecuted as a civil offense, OFAC sanction violations can carry fines ranging from tens of thousands to millions of dollars per violation. When prosecuted as a criminal offense, OFAC sanction violations can carry million-dollar fines and up...
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Who Must Comply with OFAC?
The Office of Foreign Assets Control (OFAC) is an agency within the U.S. Treasury Department that is responsible for overseeing cross-border transactions. While not all cross-border transactions have federal legal or regulatory implications, many do—and financial institutions, businesses, and individuals must all take adequate steps to ensure that they do...
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Need an OFAC Compliance Checklist? Look No Further
The U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) is tasked with enforcing the economic sanctions that the United States imposes on foreign powers and parties in order to advance American interests abroad and protect national security. Complying with those sanctions is essential, as the penalties for violating...
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Six Keys to Picking a Knowledgeable OFAC Sanctions Defense Lawyer
Hiring a lawyer to handle an investigation by the Office of Foreign Assets Control (OFAC) at the U.S. Department of Treasury is stressful. Worse, company stakeholders often have to make a decision very quickly. OFAC moves fast to plug up holes in the economic sanctions that it enforces on foreign...
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What are the Seven Grounds for OFAC Clearance?
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is responsible for enforcing economic sanctions imposed by the United States on foreign nationals and companies. If you or your company are on OFAC’s list of Specially Designated Nationals (SDNs), other people and corporations will face steep penalties...
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