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

  • Previously Used Routing Number

    A routing number that was once the primary routing number for an institution and since replaced, but still accepted for payments.

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  • Know Your Customer (KYC)

    Know Your Customer is the due diligence and bank regulation that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them.

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