All Import and Export Transactions Must Be OFAC Compliant
Originally published: January 2013
All U.S. entities involved in international trade or financial transactions are required to comply with the Office of Foreign Assets Control (OFAC) regulations. No exceptions. Exporters and importers must comply. Small, medium and large companies must comply. Even individuals must comply. Failure to comply could result in penalties equal to twice the amount of each non-complying transaction.
To avoid the substantial penalties associated with violation of OFAC regulations, any organization doing business or making payments to any entity outside the U.S. should develop and follow an OFAC Compliance Plan.
If you don't already have such a plan in place, some OFAC basics are outlined below to help you get started. For additional information, hyperlinks have been provided at the end of the article.