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

  • Know Your Business (KYB)

    Know Your Business is the due diligence review of your business and industry which when reviewed against Money Laundering techniques allows you to develop policies and assess suspicious activities or transactions.

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  • Money Laundering Control Act (MLCA)

    The Money Laundering Control Act of 1986 is a United States Act of Congress that made money laundering a Federal crime.

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