Mortgages Analyzed
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Office of Foreign Assets Control

What is Office of Foreign Assets Control?

Office of Foreign Assets Control (OFAC) is an office within the U.S. Department of Treasury that is responsible for administering and enforcing the economic and trade sanctions in accordance with the US foreign policy and national security interests.
What It Means
OFAC may enforce sanctions against individuals, entities, or countries. The scope of sanctions depends on the foreign policy objectives and may be comprehensive or selective in nature. The sanctions may entail blockage of assets, prohibition of transactions, and other trade restrictions. OFAC may allow exceptions from the prohibitions through case-by-case exemptions or general licenses to conduct categories of transactions.

Related Terms

  • Financial Crimes Enforcement Network: Financial Crimes Enforcement Network (FinCEN) is a bureau within the U.S. Department of Treasury that is responsible for overseeing, implementing, and... Read More
  • Bank Secrecy Act: Bank Secrecy Act (BSA) refers to the laws that require financial institutions to assist the US government in preventing, detecting and reporting money... Read More
  • Suspicious Activity Report: Suspicious Activity Report (SAR) is a report to the Financial Crimes Enforcement Network (FinCEN) to report any suspicious transaction that indicates ... Read More
  • Patriot Act Disclosure: Patriot Act Disclosure informs the borrower that the lender is requesting identifying information for each borrower to establish their identities.... Read More
  • Borrower Identification Form: Borrower Identification Form is used to record the identification information of the borrower to establish the true identity of the borrower.... Read More


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