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Thanks for the comment. That was really helpful. Hope to see more videos regarding different aml policies that are applicable to different justidictions
Hi Chandrima, thanks for commenting on my video 👍🏻 Yes of course, happy to expand on this topic for you. The SDN list, which stands for Specially Designated Nationals and Blocked Persons list, is a list of individuals and entities that the U.S. government has identified as being involved in terrorism, narcotics trafficking, or other activities that threaten the security or foreign policy of the United States. When an individual or entity appears on the SDN list, their assets are frozen, and U.S. persons and entities are generally prohibited from doing business with them. The Non-SDN list, on the other hand, is a list of individuals and entities that have been identified by OFAC as being subject to certain restrictions, but not to the same extent as those on the SDN list. The Non-SDN list includes individuals and entities that are subject to country-specific sanctions, such as those imposed on Cuba or Iran, as well as those subject to other types of sanctions, such as those related to weapons proliferation. In summary, the main difference between the SDN and Non-SDN lists is that the former is a list of individuals and entities involved in activities that threaten the security or foreign policy of the United States, while the latter is a list of individuals and entities subject to specific sanctions or restrictions. I hope those info are sufficient for you to better understand the key differences between those type of lists. Thanks for being on my channel!
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Thanks for your comment and suggestion! I'm excited about the idea of creating a series on the CAMS exam. To tailor the content effectively, could you share some specific challenges you've faced or anticipate facing with the exam? Understanding the diverse backgrounds and experiences of our audience will help make the series more relevant and useful. Thanks
Hi and thanks for commenting on this video 👍🏻 I'd be glad to help. Comprehensive sanctions and selective sanctions are both tools used in foreign policy, but they're applied in different ways. Comprehensive sanctions are broad-based, affecting nearly all economic, trade, and diplomatic activities with a specific country. They're like a blanket that's thrown over an entire nation, aiming to put maximum pressure. On the other hand, selective sanctions are more targeted. They're often designed to penalize specific individuals, organizations, or sectors within a country, while trying to minimize the impact on ordinary people. Examples include freezing assets of certain individuals, banning trade of specific goods, or restricting certain technologies. So the key distinction is in their scope and precision. Comprehensive sanctions impact an entire country, whereas selective sanctions target specific elements within it.
@FinCrimeAgent thank you for your reply. Sometimes It's not easy to to differentiate between comprehensive and selective sanctions. In practice, when I visit OFAC website, sanctions programs and country information section, what can I look on each country to determine whether that country has been sanctioned in a comprehensive or selective manner?
You are very welcome. I hope I covered the key areas you wanted to learn more abt. Let me know if you have any questions as I worked within the sanctions space for a few years.
Hello! If I used to work in the organization from the SDN list (scientific institute), but don't work there anymore, would I have any problems with applying for PhD programs in the USA or getting a visa there?
Hi Александр, thanks for your comment. I think the answer to it can only be found in the application terms of the PhD course. It is possible that you will be allowed. However, you will need to read carefully about any restrictions for applicants of the programme. Let us know if you will manage to get on the course. Best wishes!
Hi, will you be able to give an idea if there is any violation of OFAC regulations. To give you perspective, we are a Canadian company and Canada allows exports to Cuba. We are exploring that if we were to export to Cuba or ship certain goods to Cuba from another country (India/China) and if the products or the company we are buying from have nothing to do with US, can still our company come under scrutiny under the OFAC act?
Hi, thanks for the question! As you have understood from my video, it's important to understand that the Office of Foreign Assets Control (OFAC) is an agency of the U.S. Department of the Treasury that administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals. One of OFAC's primary enforcement mechanisms is what is known as "U.S. jurisdiction." If there is any U.S. jurisdiction involved in a transaction (for example, U.S. dollars are used, a U.S. entity is involved, or the transaction passes through a U.S. bank), OFAC regulations can apply, regardless of whether the parties involved are U.S. entities or not. This is true even if the goods, parties, or conduct are otherwise legal under the laws of the other countries involved. In your case, even though you are a Canadian company and Canada permits exports to Cuba, OFAC could still scrutinize transactions that involve U.S. jurisdiction. This means that if your transactions somehow involve the U.S. - even tangentially - you could potentially be in violation of OFAC regulations. However, it's worth noting that these situations can be incredibly complex, and it's important to consult with a legal professional who specializes in sanctions law to ensure your business activities are compliant. Please remember that the above information is for educational purposes only and should not be taken as legal advice. Always consult with a legal professional for advice related to your specific situation. If you find the content and information shared on my channel helpful, please consider supporting my project on Patreon.com/FCAgent. Your support helps me continue to provide more quality content that can assist viewers like you in understanding the complex world of finance and regulations. Thanks for watching!
Hi Lefki, thanks for commenting on this video. Sure, please leave here your question, so either myself or other members of the FinCrime Agent community can try to support you with it. If possible please leave out acronyms to avoid confusion 🙂
Hello FinCrime Agent. I work in Internal Audit in a global Financial Services firm. What sanction authorities are not included in the OFAC Sanctions Programs list? And, what sanction list/authorities or countries are not represented on the OFAC SDN list?
Hi Mark, thank for commenting on this video. I am not sure I fully understand your question, what is not clear to me is what you mean by “sanction authorities”. The official list of all OFAC active sanctions programmes can be accessed from this link where you can also find details about the Country and SDN list. home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information Let me know you can’t find the information you are looking for using the OFAC portal. Thanks for watching my videos 👍🏻
@@FinCrimeAgent Hello FinCrime Agent, Thanks for responding to my questions. What I meant by sanctions authorities is OFAC, UK OFSI, European Commission, etc. So, maybe a better question is - globally speaking, what countries sanctions programs are not included in the OFAC SDN List? What are other major sanctions programs globally outside of the OFAC SDN, UK OFSI, EU Sanctions, Canada Sanctions List? Thank you
Hi Mark, thanks for clarifying. Beside those that you have listed, more sanctions programmes are usually in place at country level by regulated jurisdictions and firms (or at least by those following FATF recommendations). At high level international sanctions programmes from US, UK and EU can be seen as the main one to follow. However, how a sanction programme can be seen as “major” can also vary depending on geography and currency used. Depending if you are assessing/reviewing regulations for a specific region or country you can then drill down on the additional sanctions programmes in place. I hope this is helpful. Thanks for watching my videos 👍🏻
Thank you for your question regarding the timeline for filing a removal petition with OFAC. The process of petitioning for removal from OFAC's sanctions list doesn't have a specific deadline or dateline. If an individual or entity believes they have been erroneously or unjustly listed, they can file a petition at any time to OFAC for removal. It's important to provide comprehensive and compelling evidence supporting the case for removal. The review process by OFAC can vary in length depending on the complexity of the case and the workload of the office. For detailed guidance and to ensure accuracy, it's advisable to consult directly with OFAC or seek legal advice from experts in sanctions law. I hope this gives you some directions. Thanks for watching my videos!
Thanks for your comment! It seems a bit unrelated to the topic of OFAC and US sanctions, so I'm not entirely sure how to respond. If you're referring to the extensive reach or influence of certain regulations or systems (like an 'oracle' that sees everything), OFAC does indeed have a significant global impact due to the nature of US sanctions. However, if I've misunderstood your comment, could you please clarify? I'd be happy to engage in a more relevant discussion.
Thanks for the video. I am Russian, my assets was bloked on ''bittrex global'' crypto exchange. I studied OFAC list. There is no my name in the list, I am just a small fish in the pond. Should I create petition to OFAC or just what bittrex's decision?
Hi Jack, I would suggest you to first discuss the matter with Bittrex to know the underlying reason why the funds got blocked and then seek legal advise to further follow up.
Good morning, thanks for the useful information. I have a question. I work in a payment service provider company. Do i need to let merchants dealing with my company sign the OFAC form to open account with the company or it's applied only with banks & exchanges? Thanks
Hi and thanks for commenting on my video. The application of sanctions screening for payment service provider (PSP) is currently being reviewed by a number of jurisdictions making each PSP responsible for its own clients. Here you can read for example an update on this topic from the EU perspective: www.ecb.europa.eu/paym/groups/shared/docs/d56c7-ami-pay-2022-05-19-item-5.2-update-on-sanctions-screening.pdf I would suggest you to further investigate with the jurisdictions regulating your company about your sanctions screening obligations as you could indeed be required to screen both: customers as well as transactions.
Hello can you please explain this. “ In order to comply with the Office of Foreign Assets Control (OFAC) requirements, your access to TOEFL products and services is limited.” I’m a Korean living in Indonesia, trying to take toefl, but I can’t register any test because of this. Can you please explain?
Hi Daniel, as indicated in my video the Office of Foreign Assets Control (OFAC) is a US government agency that administers and enforces economic sanctions against foreign countries and individuals. These sanctions can include trade restrictions, financial sanctions, and other measures that are designed to prevent certain individuals or entities from engaging in certain activities, such as conducting financial transactions or receiving certain products or services. If you are unable to register for a TOEFL test due to OFAC requirements, it may be because you are located in a country that is subject to US sanctions, or because you are an individual who is on a sanctions list. It is also possible that the organization administering the TOEFL test has implemented additional measures to ensure compliance with OFAC regulations. It's worth noting that OFAC sanctions can be complex and can change frequently, so it's important to stay up-to-date with the latest developments and to check whether you or your location may be subject to any restrictions. Perhaps you may want to try contacting the organization administering the TOEFL test or seeking guidance from a legal professional for further information on this matter.
Hello sir, how can I get the blocked money back because it has been blocked by OFAC from February 20 until now, and I have complained via the OFAC link but there has been no response at all.
Hi, I’m sorry to hear about your situation. Unfortunately, I’m not able to assist directly with OFAC issues. I recommend reaching out to a legal expert who specializes in sanctions for more guidance on how to resolve this.
Hi and thanks for commenting on my video. If I understand correctly, you’ve been contacted (I assume by your bank) as your name matched with an individual found on a sanctions list. If that is the case, the bank is required to ensure that you are not that individual. To do so you might be asked to provide official documentation allowing the bank to verify a mismatch with the sanctioned person. Provided that your are legitimately contacted by your bank (with this I mean do make sure it is indeed your bank writing you, not a scam), you should follow their verification so once they can confirm you are not the sanctioned person you should have back access to their services. There are a lot of assumptions in my reply so if you are in doubt the next best call is probably to seek professional legal advise.
@@FinCrimeAgent No, i apply to form a limited liability company through agency after 4 day i received a mail from OFAC department that your name is matching with another person who is blocked inOFAC SDN list. i sent my whole documnets to OFAC department and request to remove my name from SDN list . I am waiting to get certificate or email from department. kindly advise me about it what to do? any solution?
@@shahidmahmood2346 thanks for expanding. I would follow the process as indicated by OFAC like you did and chase it up with them directly. However, should you need a more detailed recommendation on what to do I can only suggest you to seek support from a reliable business law firm.
Thank you for that very informative and concise video. I have an OFAC sanction question. OFAC currently has financial sanctions against Iraq. The country is now leaving Chapter VII and transitioning to Chapter VI. Moving Iraq from Chapter VII to Chapter VI means Iraq resolved the remaining issues i.e. reimbursement with Kuwait. Subsequently, assets belonging to Iraq frozen as a result of Security Council Resolution 1483 will be released. This will include foreign assets of 208 entities. The total amount of frozen assets is difficult to estimate: scattered across 20 different countries, accounts contain sums ranging from 1 billion to 38 billion euros. With Iraq now being fully sovereign, will they be removed from the the OFAC sanctions list, and allowed to participate in the global market?
Hi and thank you for your comment on my video. After the 2003 war in Iraq, the sanctions regime and country ban that was enforced on the country was largely ended, (to be specific in May 2003). At the best of my knowledge the country is not limited to be part of the global market. There could be still limitations at individual or entity level (like SDNs for example) - However, that could be the case of many other jurisdictions around the globe so I don’t think you are referring to this. I hope my reply is useful, but if you want to find out more about sanctions updates from OFAC on the Iraq programme this is the link you want to use: home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information/iraq-related-sanctions
I didn't understand who must comply with OFAC. If I'm running a small online store, selling your regular goods, do I need to comply with OFAC? My bank application asks if I comply with OFAC, and I don't know what to answer.
Hi and thanks for commenting on my video. If you're not a U.S. citizen, OFAC regulations may or may not apply to you depending on several factors, including the nature of your business, your location, and the locations of your customers. OFAC regulations apply globally to U.S. citizens and permanent residents, anyone physically located in the United States, all U.S.-incorporated entities and their foreign branches, and all entities (including foreign-located entities) that are owned or controlled by U.S. companies or U.S. nationals. If you're a non-U.S. individual and you don't fall into the categories above, you generally won't have to comply with OFAC regulations. However, many non-U.S. businesses choose to follow these regulations as best practice or due to requirements set by U.S. business partners. To better answer your question, it would help to know more about your specific situation, such as your location, your business's jurisdiction, and where your customers are located. Regardless, it's always advisable to consult with a legal or compliance professional to understand your obligations under international law, as other countries may have similar sanction regimes as the U.S. OFAC.
@@FinCrimeAgent Hi, thanks for the answer. I'm a newly registered online retail store (dropshipping) business in Finland, planning to sell various goods in the USA (and later worldwide), which will be supplied from the USA and perhaps China
Given your situation as a Finland-based online retailer planning to sell goods in the U.S., you will indeed need to comply with U.S. laws, including OFAC regulations, for the portion of your business conducted within or involving the U.S. The same applies if you have U.S. business partners or if your financial transactions go through U.S. banks or the U.S. financial system. When you sell goods in the U.S., you must ensure that you are not doing business with individuals, entities, or countries that are sanctioned by OFAC. This means you would need to have processes in place to identify and prevent transactions with such parties. As you plan to expand globally, you would also need to be mindful of the sanction laws of other countries you sell in, as well as those of Finland. There are also international sanctions overseen by bodies such as the United Nations, which member countries (including Finland and many others) are obliged to enforce. In terms of supply from China, you would need to ensure that you're not receiving goods from sanctioned entities or through sanctioned areas. Given the complexity of sanctions laws and the high penalties for non-compliance, it would be wise to consult with a legal or compliance professional who can provide advice tailored to your specific situation. This might involve implementing compliance software or services to automate checks against OFAC and other sanctions lists, particularly as your business grows.
Although I have read the following on OFAC's official website under the question "11. Who must comply with OFAC regulations?" "U.S. persons must comply with OFAC regulations, including all U.S. citizens and permanent resident aliens regardless of where they are located, all persons and entities within the United States, all U.S. incorporated entities and their foreign branches. In the cases of certain programs, foreign subsidiaries owned or controlled by U.S. companies also must comply. Certain programs also require foreign persons in possession of U.S.-origin goods to comply." So I'm still quite unsure if my business should comply 😐
Thank you for reaching out. OFAC is a part of the U.S. Department of the Treasury that administers and enforces economic and trade sanctions against targeted foreign countries, terrorists, international narcotics traffickers, and others. If you believe you've been affected by OFAC sanctions or regulations, I'd recommend consulting with a legal expert or directly with OFAC to get clarity on your situation. Please be cautious about any unsolicited requests for payment or fees, as there are many scams that pretend to be official regulatory entities. Always verify with the official sources before making any payments. Stay safe!
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Hi Sir, I have transferred an Amount to my Daughter who is studying in USA . My Transaction has been Blocked and I must Contact OFAC to Obtain a License Application Form which can be found on OFAC WEBSITE. Can You help me in filling up and suggest how to fill
Hi Azgar, I am afraid but I cannot support you with that task as I am not qualified to provide consultations of that type nor I have the required experience. If you are seeking professional support I suggest you to get in touch with a legal firm in your country with experience in dealing with OFAC applications.
Hello. Maybe you can help me My name is Yuri, I'm Brazilian. I provided an art service for the company CEROS remotely. To receive payment, they required me to open an account at Perkins Bank. I opened the account, they sent the payment, but when it came time to transfer the money to my account in Brazil, it wasn't possible, and the bank claims that OFAC blocked it. They say I have to pay a fee of $155 dollars to release it, but I don't have that money. My money is with them, and I can't even return the payment to the CEROS company. How can I unlock this payment? I really need the money to pay my bills; I worked hard to earn it, and now I don't have a single cent to pay the fee they're demanding. Is there a way for me to unlock it for free? Thank you.
Hi Yuri, I'm genuinely sorry to hear about the situation you're facing, and I can understand how frustrating it must be. While I can provide some general suggestions, please remember it's essential to consult with legal counsel for such matters, especially when dealing with cross-border financial transactions. Clarification from the Bank: Before proceeding, it's crucial to get a clear written explanation from Perkins Bank as to why the OFAC (Office of Foreign Assets Control) has blocked the transaction. Verify the OFAC Situation: I recommend checking the OFAC's Specially Designated Nationals and Blocked Persons List (SDN) to ensure your name isn't mistakenly on there. Mistakes can occur, and if your name is wrongly listed, you can follow a procedure to be delisted. Avoid Paying Any Release Fees: It's unusual for banks to ask for fees to release OFAC-blocked payments. Before paying anything, ensure that this isn't a scam or any kind of fraudulent activity. Always verify the authenticity of the bank and any communications you receive. Contact CEROS: Inform the company (CEROS) about the situation. They might be able to offer some assistance or even cancel the initial transaction and try a different payment method or bank. Consider Legal Counsel: If the issue persists, consider seeking legal advice or approaching a consumer protection agency in Brazil or any organization that can help you with cross-border payment disputes. Remember, always ensure that you're communicating through official channels and keeping records of all your interactions related to this issue. Wishing you the best of luck in resolving this matter. Stay safe. Marco
🌟 Kickstart Your Career in Financial Crime Prevention! 🌟
Interested in gaining practical knowledge for key financial crime roles? Check out the FinCrime Career Accelerator course, designed specifically for those early in their careers who are eager to make a significant impact in the industry.
🔗 Explore the course here: bit.ly/FinCrimeTraining
Drawing on my 20 years of experience, this course will equip you with the practical skills needed to excel. Ready to move your career forward? Click the link to learn more, and feel free to contact me directly if you have any questions.
Thanks for the comment. That was really helpful. Hope to see more videos regarding different aml policies that are applicable to different justidictions
Hi Chandrima, thanks for commenting on my video 👍🏻
Yes of course, happy to expand on this topic for you.
The SDN list, which stands for Specially Designated Nationals and Blocked Persons list, is a list of individuals and entities that the U.S. government has identified as being involved in terrorism, narcotics trafficking, or other activities that threaten the security or foreign policy of the United States. When an individual or entity appears on the SDN list, their assets are frozen, and U.S. persons and entities are generally prohibited from doing business with them.
The Non-SDN list, on the other hand, is a list of individuals and entities that have been identified by OFAC as being subject to certain restrictions, but not to the same extent as those on the SDN list. The Non-SDN list includes individuals and entities that are subject to country-specific sanctions, such as those imposed on Cuba or Iran, as well as those subject to other types of sanctions, such as those related to weapons proliferation.
In summary, the main difference between the SDN and Non-SDN lists is that the former is a list of individuals and entities involved in activities that threaten the security or foreign policy of the United States, while the latter is a list of individuals and entities subject to specific sanctions or restrictions.
I hope those info are sufficient for you to better understand the key differences between those type of lists.
Thanks for being on my channel!
Thank you so much for your effort, this video is very useful for Sanctions topics, keep it up!~
Hi Paul, thank you for your positive comment 👍🏻 I’m glad you enjoyed this content 🙂
u got a subscriber.....love the way you explained
Awesome, thank you!
Very helpful. Thank you 😊
Hi, thanks for your positive feedback. I’m glad to read that 👍🏻
🚀 Become a FinCrime Agent Patron and unlock exclusive perks! By joining my Patreon community, you'll get access to special content, shout-outs, private Q&As, and more! Help me reach 100 patrons by the end of 2023, and let's grow this community together. 😃 Check out the different tiers and join now: www.patreon.com/FCAgent 🔥 Your support helps me create even more valuable content! Thank you! 🙏
Good content clear and useful
Thank you for your feedback Adrian 🙂
Good job 👏
We want you to make a series of lessons about the CAMS exam and the challenges that may faces us
Thanks for your comment and suggestion! I'm excited about the idea of creating a series on the CAMS exam. To tailor the content effectively, could you share some specific challenges you've faced or anticipate facing with the exam? Understanding the diverse backgrounds and experiences of our audience will help make the series more relevant and useful. Thanks
Lovely ❤.. Thanks brother
Thanks for watching and commenting on my video 👍🏻🙂
very informative
Thank you Annette for sharing your feedback. I’m glad this video was useful to you 👍🏻
Hi Marco. Thanks for the video. How can I discriminate between comprehensive and selective sanction programs?
Hi and thanks for commenting on this video 👍🏻 I'd be glad to help.
Comprehensive sanctions and selective sanctions are both tools used in foreign policy, but they're applied in different ways. Comprehensive sanctions are broad-based, affecting nearly all economic, trade, and diplomatic activities with a specific country. They're like a blanket that's thrown over an entire nation, aiming to put maximum pressure.
On the other hand, selective sanctions are more targeted. They're often designed to penalize specific individuals, organizations, or sectors within a country, while trying to minimize the impact on ordinary people. Examples include freezing assets of certain individuals, banning trade of specific goods, or restricting certain technologies.
So the key distinction is in their scope and precision. Comprehensive sanctions impact an entire country, whereas selective sanctions target specific elements within it.
@FinCrimeAgent thank you for your reply.
Sometimes It's not easy to to differentiate between comprehensive and selective sanctions.
In practice, when I visit OFAC website, sanctions programs and country information section, what can I look on each country to determine whether that country has been sanctioned in a comprehensive or selective manner?
Thank u
You are very welcome. I hope I covered the key areas you wanted to learn more abt. Let me know if you have any questions as I worked within the sanctions space for a few years.
Hello! If I used to work in the organization from the SDN list (scientific institute), but don't work there anymore, would I have any problems with applying for PhD programs in the USA or getting a visa there?
Hi Александр, thanks for your comment. I think the answer to it can only be found in the application terms of the PhD course. It is possible that you will be allowed. However, you will need to read carefully about any restrictions for applicants of the programme. Let us know if you will manage to get on the course. Best wishes!
Hi, will you be able to give an idea if there is any violation of OFAC regulations. To give you perspective, we are a Canadian company and Canada allows exports to Cuba. We are exploring that if we were to export to Cuba or ship certain goods to Cuba from another country (India/China) and if the products or the company we are buying from have nothing to do with US, can still our company come under scrutiny under the OFAC act?
Hi, thanks for the question! As you have understood from my video, it's important to understand that the Office of Foreign Assets Control (OFAC) is an agency of the U.S. Department of the Treasury that administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals.
One of OFAC's primary enforcement mechanisms is what is known as "U.S. jurisdiction." If there is any U.S. jurisdiction involved in a transaction (for example, U.S. dollars are used, a U.S. entity is involved, or the transaction passes through a U.S. bank), OFAC regulations can apply, regardless of whether the parties involved are U.S. entities or not. This is true even if the goods, parties, or conduct are otherwise legal under the laws of the other countries involved.
In your case, even though you are a Canadian company and Canada permits exports to Cuba, OFAC could still scrutinize transactions that involve U.S. jurisdiction. This means that if your transactions somehow involve the U.S. - even tangentially - you could potentially be in violation of OFAC regulations.
However, it's worth noting that these situations can be incredibly complex, and it's important to consult with a legal professional who specializes in sanctions law to ensure your business activities are compliant.
Please remember that the above information is for educational purposes only and should not be taken as legal advice. Always consult with a legal professional for advice related to your specific situation.
If you find the content and information shared on my channel helpful, please consider supporting my project on Patreon.com/FCAgent. Your support helps me continue to provide more quality content that can assist viewers like you in understanding the complex world of finance and regulations. Thanks for watching!
Thanks for your help, i would like to ask you about QST - CA-CIF and Captal adequacy
Hi Lefki, thanks for commenting on this video. Sure, please leave here your question, so either myself or other members of the FinCrime Agent community can try to support you with it. If possible please leave out acronyms to avoid confusion 🙂
Hello FinCrime Agent. I work in Internal Audit in a global Financial Services firm. What sanction authorities are not included in the OFAC Sanctions Programs list? And, what sanction list/authorities or countries are not represented on the OFAC SDN list?
Hi Mark, thank for commenting on this video. I am not sure I fully understand your question, what is not clear to me is what you mean by “sanction authorities”. The official list of all OFAC active sanctions programmes can be accessed from this link where you can also find details about the Country and SDN list. home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information
Let me know you can’t find the information you are looking for using the OFAC portal. Thanks for watching my videos 👍🏻
@@FinCrimeAgent Hello FinCrime Agent,
Thanks for responding to my questions. What I meant by sanctions authorities is OFAC, UK OFSI, European Commission, etc.
So, maybe a better question is - globally speaking, what countries sanctions programs are not included in the OFAC SDN List? What are other major sanctions programs globally outside of the OFAC SDN, UK OFSI, EU Sanctions, Canada Sanctions List? Thank you
Hi Mark,
thanks for clarifying.
Beside those that you have listed, more sanctions programmes are usually in place at country level by regulated jurisdictions and firms (or at least by those following FATF recommendations).
At high level international sanctions programmes from US, UK and EU can be seen as the main one to follow. However, how a sanction programme can be seen as “major” can also vary depending on geography and currency used.
Depending if you are assessing/reviewing regulations for a specific region or country you can then drill down on the additional sanctions programmes in place.
I hope this is helpful. Thanks for watching my videos 👍🏻
Is there a dateline for filling a removal petition?
Thank you for your question regarding the timeline for filing a removal petition with OFAC. The process of petitioning for removal from OFAC's sanctions list doesn't have a specific deadline or dateline. If an individual or entity believes they have been erroneously or unjustly listed, they can file a petition at any time to OFAC for removal. It's important to provide comprehensive and compelling evidence supporting the case for removal. The review process by OFAC can vary in length depending on the complexity of the case and the workload of the office. For detailed guidance and to ensure accuracy, it's advisable to consult directly with OFAC or seek legal advice from experts in sanctions law. I hope this gives you some directions. Thanks for watching my videos!
Extra terrestrial reach with oracle?
Thanks for your comment! It seems a bit unrelated to the topic of OFAC and US sanctions, so I'm not entirely sure how to respond. If you're referring to the extensive reach or influence of certain regulations or systems (like an 'oracle' that sees everything), OFAC does indeed have a significant global impact due to the nature of US sanctions. However, if I've misunderstood your comment, could you please clarify? I'd be happy to engage in a more relevant discussion.
Thanks for the video. I am Russian, my assets was bloked on ''bittrex global'' crypto exchange. I studied OFAC list. There is no my name in the list, I am just a small fish in the pond. Should I create petition to OFAC or just what bittrex's decision?
Hi Jack, I would suggest you to first discuss the matter with Bittrex to know the underlying reason why the funds got blocked and then seek legal advise to further follow up.
Good morning, thanks for the useful information. I have a question. I work in a payment service provider company. Do i need to let merchants dealing with my company sign the OFAC form to open account with the company or it's applied only with banks & exchanges?
Thanks
Hi and thanks for commenting on my video. The application of sanctions screening for payment service provider (PSP) is currently being reviewed by a number of jurisdictions making each PSP responsible for its own clients. Here you can read for example an update on this topic from the EU perspective: www.ecb.europa.eu/paym/groups/shared/docs/d56c7-ami-pay-2022-05-19-item-5.2-update-on-sanctions-screening.pdf
I would suggest you to further investigate with the jurisdictions regulating your company about your sanctions screening obligations as you could indeed be required to screen both: customers as well as transactions.
Hello can you please explain this. “
In order to comply with the Office of Foreign Assets Control (OFAC) requirements, your access to TOEFL products and services is limited.” I’m a Korean living in Indonesia, trying to take toefl, but I can’t register any test because of this. Can you please explain?
Is there a solution to this?
Hi Daniel,
as indicated in my video the Office of Foreign Assets Control (OFAC) is a US government agency that administers and enforces economic sanctions against foreign countries and individuals. These sanctions can include trade restrictions, financial sanctions, and other measures that are designed to prevent certain individuals or entities from engaging in certain activities, such as conducting financial transactions or receiving certain products or services.
If you are unable to register for a TOEFL test due to OFAC requirements, it may be because you are located in a country that is subject to US sanctions, or because you are an individual who is on a sanctions list. It is also possible that the organization administering the TOEFL test has implemented additional measures to ensure compliance with OFAC regulations.
It's worth noting that OFAC sanctions can be complex and can change frequently, so it's important to stay up-to-date with the latest developments and to check whether you or your location may be subject to any restrictions. Perhaps you may want to try contacting the organization administering the TOEFL test or seeking guidance from a legal professional for further information on this matter.
Hello sir, how can I get the blocked money back because it has been blocked by OFAC from February 20 until now, and I have complained via the OFAC link but there has been no response at all.
Hi, I’m sorry to hear about your situation. Unfortunately, I’m not able to assist directly with OFAC issues. I recommend reaching out to a legal expert who specializes in sanctions for more guidance on how to resolve this.
Hi I have received a mail my name is matching with another person who is blocked, I form an LLC now I don't know what to do kindly suggest. Thanks
Hi and thanks for commenting on my video. If I understand correctly, you’ve been contacted (I assume by your bank) as your name matched with an individual found on a sanctions list. If that is the case, the bank is required to ensure that you are not that individual. To do so you might be asked to provide official documentation allowing the bank to verify a mismatch with the sanctioned person. Provided that your are legitimately contacted by your bank (with this I mean do make sure it is indeed your bank writing you, not a scam), you should follow their verification so once they can confirm you are not the sanctioned person you should have back access to their services. There are a lot of assumptions in my reply so if you are in doubt the next best call is probably to seek professional legal advise.
@@FinCrimeAgent
No, i apply to form a limited liability company through agency after 4 day i received a mail from OFAC department that your name is matching with another person who is blocked inOFAC SDN list.
i sent my whole documnets to OFAC department and request to remove my name from SDN list . I am waiting to get certificate or email from department.
kindly advise me about it what to do? any solution?
@@shahidmahmood2346 thanks for expanding. I would follow the process as indicated by OFAC like you did and chase it up with them directly. However, should you need a more detailed recommendation on what to do I can only suggest you to seek support from a reliable business law firm.
Thank you for that very informative and concise video. I have an OFAC sanction question. OFAC currently has financial sanctions against Iraq. The country is now leaving Chapter VII and transitioning to Chapter VI. Moving Iraq from Chapter VII to Chapter VI means Iraq resolved the remaining issues i.e. reimbursement with Kuwait.
Subsequently, assets belonging to Iraq frozen as a result of Security Council Resolution 1483 will be released. This will include foreign assets of 208 entities. The total amount of frozen assets is difficult to estimate: scattered across 20 different countries, accounts contain sums ranging from 1 billion to 38 billion euros.
With Iraq now being fully sovereign, will they be removed from the the OFAC sanctions list, and allowed to participate in the global market?
Hi and thank you for your comment on my video. After the 2003 war in Iraq, the sanctions regime and country ban that was enforced on the country was largely ended, (to be specific in May 2003). At the best of my knowledge the country is not limited to be part of the global market. There could be still limitations at individual or entity level (like SDNs for example) - However, that could be the case of many other jurisdictions around the globe so I don’t think you are referring to this. I hope my reply is useful, but if you want to find out more about sanctions updates from OFAC on the Iraq programme this is the link you want to use: home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information/iraq-related-sanctions
I didn't understand who must comply with OFAC. If I'm running a small online store, selling your regular goods, do I need to comply with OFAC? My bank application asks if I comply with OFAC, and I don't know what to answer.
Hi and thanks for commenting on my video. If you're not a U.S. citizen, OFAC regulations may or may not apply to you depending on several factors, including the nature of your business, your location, and the locations of your customers.
OFAC regulations apply globally to U.S. citizens and permanent residents, anyone physically located in the United States, all U.S.-incorporated entities and their foreign branches, and all entities (including foreign-located entities) that are owned or controlled by U.S. companies or U.S. nationals.
If you're a non-U.S. individual and you don't fall into the categories above, you generally won't have to comply with OFAC regulations. However, many non-U.S. businesses choose to follow these regulations as best practice or due to requirements set by U.S. business partners.
To better answer your question, it would help to know more about your specific situation, such as your location, your business's jurisdiction, and where your customers are located. Regardless, it's always advisable to consult with a legal or compliance professional to understand your obligations under international law, as other countries may have similar sanction regimes as the U.S. OFAC.
@@FinCrimeAgent Hi, thanks for the answer. I'm a newly registered online retail store (dropshipping) business in Finland, planning to sell various goods in the USA (and later worldwide), which will be supplied from the USA and perhaps China
Given your situation as a Finland-based online retailer planning to sell goods in the U.S., you will indeed need to comply with U.S. laws, including OFAC regulations, for the portion of your business conducted within or involving the U.S. The same applies if you have U.S. business partners or if your financial transactions go through U.S. banks or the U.S. financial system.
When you sell goods in the U.S., you must ensure that you are not doing business with individuals, entities, or countries that are sanctioned by OFAC. This means you would need to have processes in place to identify and prevent transactions with such parties.
As you plan to expand globally, you would also need to be mindful of the sanction laws of other countries you sell in, as well as those of Finland. There are also international sanctions overseen by bodies such as the United Nations, which member countries (including Finland and many others) are obliged to enforce.
In terms of supply from China, you would need to ensure that you're not receiving goods from sanctioned entities or through sanctioned areas.
Given the complexity of sanctions laws and the high penalties for non-compliance, it would be wise to consult with a legal or compliance professional who can provide advice tailored to your specific situation. This might involve implementing compliance software or services to automate checks against OFAC and other sanctions lists, particularly as your business grows.
@@FinCrimeAgent I highly appreciate your quick and comprehensive reply 👍
Although I have read the following on OFAC's official website under the question "11. Who must comply with OFAC regulations?"
"U.S. persons must comply with OFAC regulations, including all U.S. citizens and permanent resident aliens regardless of where they are located, all persons and entities within the United States, all U.S. incorporated entities and their foreign branches. In the cases of certain programs, foreign subsidiaries owned or controlled by U.S. companies also must comply. Certain programs also require foreign persons in possession of U.S.-origin goods to comply."
So I'm still quite unsure if my business should comply 😐
Sir OFAC is blocked my profit i paid activation and security fees 1 .5 laks
Thank you for reaching out. OFAC is a part of the U.S. Department of the Treasury that administers and enforces economic and trade sanctions against targeted foreign countries, terrorists, international narcotics traffickers, and others. If you believe you've been affected by OFAC sanctions or regulations, I'd recommend consulting with a legal expert or directly with OFAC to get clarity on your situation. Please be cautious about any unsolicited requests for payment or fees, as there are many scams that pretend to be official regulatory entities. Always verify with the official sources before making any payments. Stay safe!
2nd view thanks
Welcome 🙂
Can you plz provide this all information in pdf or word document
Thanks for your comment. To receive a PDF copy with all details of my research used for creating this video, please send your request here: forms.gle/LE91dEKUqKfghbZCA
Hi Sir, I have transferred an Amount to my Daughter who is studying in USA . My Transaction has been Blocked and I must Contact OFAC to Obtain a License Application Form which can be found on OFAC WEBSITE. Can You help me in filling up and suggest how to fill
Hi Azgar, I am afraid but I cannot support you with that task as I am not qualified to provide consultations of that type nor I have the required experience. If you are seeking professional support I suggest you to get in touch with a legal firm in your country with experience in dealing with OFAC applications.
Hi
Hi, I have replied to your other message. I hope my answer make sense.
Hello.
Maybe you can help me
My name is Yuri, I'm Brazilian.
I provided an art service for the company CEROS remotely.
To receive payment, they required me to open an account at Perkins Bank.
I opened the account, they sent the payment, but when it came time to transfer the money to my account in Brazil, it wasn't possible, and the bank claims that OFAC blocked it. They say I have to pay a fee of $155 dollars to release it, but I don't have that money. My money is with them, and I can't even return the payment to the CEROS company.
How can I unlock this payment? I really need the money to pay my bills; I worked hard to earn it, and now I don't have a single cent to pay the fee they're demanding.
Is there a way for me to unlock it for free?
Thank you.
Hi Yuri,
I'm genuinely sorry to hear about the situation you're facing, and I can understand how frustrating it must be.
While I can provide some general suggestions, please remember it's essential to consult with legal counsel for such matters, especially when dealing with cross-border financial transactions.
Clarification from the Bank: Before proceeding, it's crucial to get a clear written explanation from Perkins Bank as to why the OFAC (Office of Foreign Assets Control) has blocked the transaction.
Verify the OFAC Situation: I recommend checking the OFAC's Specially Designated Nationals and Blocked Persons List (SDN) to ensure your name isn't mistakenly on there. Mistakes can occur, and if your name is wrongly listed, you can follow a procedure to be delisted.
Avoid Paying Any Release Fees: It's unusual for banks to ask for fees to release OFAC-blocked payments. Before paying anything, ensure that this isn't a scam or any kind of fraudulent activity. Always verify the authenticity of the bank and any communications you receive.
Contact CEROS: Inform the company (CEROS) about the situation. They might be able to offer some assistance or even cancel the initial transaction and try a different payment method or bank.
Consider Legal Counsel: If the issue persists, consider seeking legal advice or approaching a consumer protection agency in Brazil or any organization that can help you with cross-border payment disputes.
Remember, always ensure that you're communicating through official channels and keeping records of all your interactions related to this issue.
Wishing you the best of luck in resolving this matter. Stay safe.
Marco
@@FinCrimeAgent thank you for the support 🖤