Office of Foreign Assets Control (OFAC)

After the September 11, 2001, terrorist attack, the President issued an Executive Order requiring all financial institutions to immediately block any assets held in the names of individuals or organizations identified as being associated with a terrorist group and to immediately notify the Office of Foreign Assets Control (OFAC).

In light of the penalties for noncompliance, OFAC laws (9 separate laws) should not be taken lightly. The potential for unacceptable levels of exposure greatly outweigh the cost of compliance.