OFAC
When you’re handling certain elements of business, the government where you live might take more of an interest than with other elements of the business. For example, if you’re selling water balloon products, the government probably won’t care as much as if your business is in finances or if you’re selling firearms, which could be used for war.
This is why the government will often have organizations whose entire purpose is to make sure individuals are adhering to the government’s plans for foreign policy. In the United States, that organization is the OFAC. If you want to make sure you’re continually allowed to do business in the United States, it’s worth your time to stick to the OFAC.
What is the OFAC?
The OFAC stands for the Office of Foreign Assets Control. In the United States, this is the organization that’s responsible for creating and enforcing economic sanctions against whatever countries the United States has chosen not to support due to its foreign policy. It got its start in 1950 as the successor of the Office of Foreign Funds Control, and it makes sure that everyone doing business in the United States is aware of who’s aligned with people that the United States is currently enforcing economic sanctions against.
What does the OFAC Keep Tabs On?
The OFAC is a group that keeps tabs on a variety of different elements of the world. The variety of things the OFAC keeps tabs on is pretty significant, and it may include any of the following:
- Individuals
- Companies
- Organizations
- Governments
Officially, the OFAC states that it keeps tabs on “individuals and companies owned by individuals who are acting for, or on behalf of, countries who are targeted.” This means it may track both individuals and organizations, and it does so on behalf of governments. There is a variety of organizations the OFAC may officially keep tabs on.
Who Might Need to Get More Information Through the OFAC?
The OFAC manages information for a variety of people. You might be able to benefit from the information through the OFAC and not even know it. This is a short list of people who might want to find information through the OFAC:
- Legal professionals
- Financial services
- General corporations
- Law enforcement
However, this also isn’t a comprehensive list. If you feel like you might benefit from the information the OFAC compiles, you should use it. It’s always better to get more information than you need, after all.
How Can Enformion Help You Use Information From the OFAC?
Once you have information from the OFAC, you need to be able to use it in the most effective way. That’s where Enformion can come into play. For example, if you get information about an individual who might have a connection to a country that the United States has placed economic sanctions on, you might use Enformion to get contact information about that person so you can further exclude them from future customer lists. Essentially, with Enformion, you can build full profiles on people that the OFAC may not have.