OFAC Sanctions List Search Tool: A Critical Resource for Chilean Businesses

In an effort to help businesses navigate the complex world of sanctions compliance, the Office of Foreign Assets Control (OFAC) has made available a Sanctions List Search tool that allows users to search multiple lists simultaneously. This essential resource is crucial for Chilean companies doing business with countries subject to US sanctions.

What is the OFAC Sanctions List Search Tool?

The Sanctions List Search tool includes the Specially Designated Nationals and Blocked Persons list (SDN List), as well as several other OFAC-administered sanctions lists. It uses approximate string matching to identify possible matches between user-entered search terms and names or name components on the various sanctions lists.

Using the Sanctions List Search Tool

To refine their searches, users can utilize the slider-bar feature, which allows them to set a threshold confidence rating for potential matches. While OFAC does not provide recommendations on specific confidence ratings, the tool will return near or proximate matches based on the user’s chosen setting.

Important Considerations

• Pay close attention to program codes associated with each returned record, as these codes indicate how a true hit should be treated.
• Understand that Sanctions List Search is just one tool available, and should not be relied upon as the sole means of due diligence.
• The use of Sanctions List Search does not absolve users of potential liability for any acts undertaken in reliance on it.

OFAC Sanctions List Search Best Practices

Best Practice 1: Pay Close Attention to Program Codes

• Understand that program codes associated with each returned record indicate how a true hit should be treated.
• Use this information to make informed decisions about potential matches.

Best Practice 2: Utilize the Slider-Bar Feature

• Set a threshold confidence rating for potential matches using the slider-bar feature.
• This will help refine your searches and reduce false positives.

Best Practice 3: Understand the Limitations of Sanctions List Search

• Recognize that Sanctions List Search is just one tool available, and should not be relied upon as the sole means of due diligence.
• Use this tool in conjunction with thorough research and analysis to ensure compliance with OFAC sanctions regulations.

By following these best practices and utilizing the Sanctions List Search tool in conjunction with thorough research and analysis, Chilean businesses can ensure compliance with OFAC sanctions regulations and avoid potential penalties.