Glossary

Office of Foreign Assets Control (OFAC)

Office of Foreign Assets Control. A US regulatory Agency that is responsible for monitoring funds held or transferred to illegal entities. The OFAC list is a list of companies/individuals that should be prevented from sending/receiving funds.

Related Terms

  • Red Flag

    A potentially suspicious or money laundering situation raises a Red Flag or warning signal.

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  • International Bank Account Number (IBAN)

    The International Bank Account Number (IBAN) is an international standard for identifying bank accounts across national borders in a way that would minimise the risk of propagating transcription errors.

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