WatchList: An OFAC Patriot Act Search
An OFAC Patriot Act Search is required as part of each loan origination and background screening. The OFAC Search confirms whether your applicant is on the criminals and terrorists watch lists of collected from databases around the world.
What is OFAC?
OFAC is the Office of Foreign Asset Control, which is part of the U.S. Department of Treasury. OFAC is responsible for administering and enforcing economic and trade sanctions against certain nations, entities and individuals. It maintains a listing of these restricted counter parties in a document called the "Specially Designated Nationals List" (SDN). They make this list available on their website.
When Should I Do An OFAC Search Using MicroBilt's WatchList?
An OFAC Search should always be requested regardless if you are granting credit or if you are currently in the process of performing a pre-employment background check. In response to the Patriot Act, an OFAC Search is required by law for all businesses who are hiring and for loan originations applicants.
It is illegal to conduct business with any individual or company listed on the results of an OFAC Search.
What Data Sources Does OFAC Search?
- Australian Department of Foreign Affairs and Trade (DFAT)
- Bank of England Consolidated List of Financial Sanctions
- Bureau of Industry and Security
- OSFI Terrorism Financing
- DTC Debarred parties
- European Union Consolidated List
- FBI Hijack Suspects
- FBI Most Wanted
- FBI Most Wanted Terrorists
- FBI Seeking Information
- FBI Top Ten Most Wanted
- Interpol Most Wanted
- United Nations Consolidated List
- Terrorist Exclusion List
- Unauthorized Banks
- Non-cooperative Countries and Territories
- OFAC Sanctions Programs and Countries
- OFAC's Specially Designated Nationals & Blocked Persons
- Politically Exposed Persons
- Primary Money Laundering Concern (PMLC)
- World Bank Debarred Parties
How Much Are The Fines For Not Conducting an OFAC Search?
The fines for violations can be substantial. Depending on the program, criminal penalties can include fines ranging from $50,000 to $10,000,000 and imprisonment ranging from 10 to 30 years for willfully not conducting an OFAC search violating the OFAC Patriot Act. Depending on the program, civil penalties range from $11,000 to $1,000,000 for each violation.