(OFAC) The USA Patriot Act requires that organizations verify customer profiles; business names, addresses, and other identifying data; to check that entities opening commercial accounts are indeed legitimate businesses; and that customer names do not appear on lists of known or suspected terrorists (as required by the Office of Foreign Asset Control, or OFAC). Businesses that fail to verify such data may face financial risk, regulatory penalties, and damage to their reputations. The OFAC Program is intended to train employees on the topic and ensure that the appropriate policies and procedures take place each time a sale is made at your business.
OFAC is a special unit of the U.S. Treasury Department responsible for enforcing trade and economic sanctions against countries, businesses and people who have been designated as hostile to the United States. Among other things, the regulations that OFAC enforces play a role in combating money laundering and terrorism.Learn more here: