The Office of Foreign Assets Control (OFAC)for its acronym in English) generally specifies in which cases it is possible freeze an account in the United States and take other measures. Beyond its global rules, the sanctions and regulations it imposes vary depending on the programs created for each country and activity that is part of its list.
The entity depends on the Ministry of Finance of the United States and is responsible for applying for “Economic and trade sanctions against certain foreign jurisdictions and regimes,” as outlined on its website.
OFAC, in turn, points out that it also applies these Action against “individuals and organizations engaging in harmful activities”.
The reasons specified in the general sanctions rules, which may include account suspension, include:
In the same way, the company ensures that it is responsible for it “Deter threats to national security, foreign policy or the economy.”“United States.
Depending on the case, the company has specific programs and measures. Each of the so-calledSanctions programs“have their peculiarities and conditions.
In general and according to the compilation of ComplimentRegulatory Compliance Platform, the most common sanctions Are:
Furthermore, OFAC makes this clear There are exceptions and exemptions in sanctions programs. The differentiation of these conditions depends on the applicable legal provisions.
First, The exception is permits for prohibited movements. These licenses may be general if they are granted for a specific activity, for example in the case of transactions on humanitarian grounds; and specific, when they allow only a specific person or organization to perform an action.
On his part Exceptions are already included in the general terms and conditions of sanctions programs. These explicitly state that this is safe No transactions or activities are prohibited and can be completed without a license.
According to the information on the company’s official website The following countries have some type of OFAC restriction For US operations:
In addition to these nations, OFAC also mentions Sanctions programs against Hong Kong and Chinese military companiesand against certain criminal activities, regardless of where those responsible come from.
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