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Understanding OFAC: A Best Practices Compliance Guide for All Businesses

White Paper, June 14, 2018

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Did you know that businesses, not banks, received 81% of fines levied by the Office of Foreign Assets Control (OFAC) last year?

Yes, OFAC violations are costing U.S. businesses hard-earned cash. From 2006 to 2017, nearly 30% of the fines levied against OFAC’s “All Other Businesses” category ranged from $100,000 to $499,999. For many companies, a penalty that hefty could be enough to put them out of business. Even if not, an OFAC violation could cause irreparable reputational harm that affects profitability for years to come. With the stakes so high, companies across all types of industries must understand the importance of OFAC compliance and take proactive steps to avoid a compliance pitfall.

Download this white paper, Understanding OFAC: A Best Practices Compliance Guide for All Businesses, to learn how you can enhance your compliance programs and mitigate potential risks. In the paper, CSI offers the intel you need to improve your sanctions screening program:

  • Detailed analysis and data trends of OFAC fines by type and industry from 2006 to 2017
  • OFAC implications for more than 10 different industries, including insurance, MSBs and nonprofits
  • Five critical best practices for enhancing your company’s sanctions screening program

This white paper gives you insight on overcoming your toughest compliance challenges and even enhancing your sanctions screening program.

Learn more by downloading the white paper now.