OFAC Sanctions Compliance – How often do I need to scan my customer database against OFAC's sanctions lists?

Compliance > OFAC
Q:  How often do I need to scan my customer database against OFAC's sanctions lists?
 
A:   The frequency of running an OFAC scan must be guided by your organization's internal policies and procedures. Keep in mind, however, that if your organization fails to identify and block a target account (of a terrorist, for example), there could be serious consequences such as a transfer of funds or other valuable property to an Specially Designated National, an enforcement action against your organization, and negative publicity. [01-30-15]
 
 
 
ADDITIONAL INFORMATION – This Q&A was included in the U.S. Department of the Treasury’s online Resource Center for OFAC - Sanctions Compliance, which may be found here:  https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_compliance.aspx
 

Add Feedback