Original publication date: March 7, 2021
Question:
What is meant by OFAC status?
Answer:
OFAC status tells financial institutions whether an account holder has a flag in the Office of Foreign Assets Control (OFAC), a financial intelligence and enforcement agency of the U.S. Treasury Department. OFAC administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives. If there is an OFAC flag on the account holder, they may not be able to perform certain transactions.
For more information on the OFAC status attribute in the COS API set, refer to https://sandbox.crbcos.com/core/swagger/ui/index#!/Customer32Management/Customer_GetByid.