Financial Crime World

Title: OFAC Sanctions List Search Tool Updated: Major Changes to the SDN List and Non-SDN List

Overview

The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has recently undergone significant updates to its Sanctions List Search Tool. In this article, we address these changes and provide an overview of the essential resources for entities involved in international financial transactions.

Sanctions List Search Tool Refresh

OFAC is working to enhance the effectiveness of its financial sanctions efforts by updating the Sanctions List Search Tool. Currently, the tool, which includes the Specially Designated Nationals and Blocked Persons list (SDN List) and all other sanctions lists administered by the OFAC, is undergoing a database refresh.

Users of the Sanctions List Search Tool are encouraged to try again in a few moments as the system works to incorporate the latest changes. In the interim, download the following resources directly from the official US. Treasury website:

  • SDN List
  • Non-SDN List
  • Consolidated Non-SDN List
  • Program Code Key
  • Rules for Use

SDN List and Non-SDN List: Crucial Tools for International Financial Transactions

The SDN List and Non-SDN List serve as essential resources for entities involved in international financial transactions. These lists help ensure compliance with OFAC regulations by identifying:

  1. Individuals
  2. Entities
  3. Organizations

subject to economic sanctions.

Using the Sanctions List Search Tool

The Sanctions List Search Tool uses approximate string matching and a confidence rating threshold to help users identify potential matches based on the name or name components as they appear on the SDN List and other sanctionslists.

  1. String Matching: The tool returns near, or proximate, matches based on the user-defined confidence rating.
  2. Confirming and Verifying Matches: It is crucial to confirm and verify any potential matches before taking any action involving the listed entities or individuals.

Essential Tools for Staying Informed

  1. Updating the Lists: users bear full responsibility for staying informed about the latest sanctions list updates and ensuring they comply with all applicable regulations.
  2. Downloading the Tools: users are encouraged to download the Sanctions List Search tools and associated materials to familiarize themselves with the available resources.

Conclusion

Once the database refresh is complete, users will be able to access the updated SDN List and Non-SDN List through the Sanctions List Search Tool on the OFAC website. These changes contain important information that can affect business relationships and transactions. Stay informed and stay compliant with the latest regulations by utilizing the OFAC Sanctions List Search Tool and the resources available on the official U.S. Treasury website.