OFAC Modernization Effects Can Help With Vendor Searches

by Debra R. Richardson If your company is a U.S. entity and your function is vendor setup and maintenance, you most likely are already familiar with the requirement to check your vendor’s legal name against the sanction lists that are part of Office of Foreign Assets Control (OFAC). According to the U.S Department of the Treasury, U.S. persons subject to U.S. jurisdiction must comply with OFAC sanctions that prohibit payment to certain vendors or their foreign financial institutions. OFAC is…