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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  • Money Services Business (MSB)

    Money Services Business is a legal term defined by federal law and regulation. Part of a 1999 ruling revising the regulatory definitions of certain non-bank financial institutions for purposes of the Bank Secrecy Act (BSA)....

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