It's Not Enough to Avoid Doing Business with Terrorists. You Need to Prove your Compliance with Audits and/or Reviews.

Under the Arms Export Control Act (AECA/ITAR), and Export Administration Act (EAA/EAR), companies must ensure controlled goods and technologies are not made available to unauthorized Foreign Nationals. Trading with the Enemy jeopardizes Homeland Security, and costs American soldiers and civilians their lives. In addition, the Office of Foreign Asset Controls (OFAC) restricts ALL financial transactions with Specially Designated Nationals that are considered terrorists seeking to do harm to the United States.

OFAC Risk Management

Under the Foreign Corrupt Practices Act (FCPA), companies will face bribery charges if they do not exercise sufficient caution when conducting business with Politically Exposed Persons. Further, companies that seek Federal Government Service Administration (GSA) contracts must not employ or have dealings with individuals that are designated as Excluded Parties (EPLS). This is where Visual OFAC can help, with our comprehensive suite of OFAC compliance solutions, including SDN screening, and audit and case management tools.

Service providers for public companies that must also comply with the Sarbanes-Oxley Act (SOX), we recognize the need for comprehensive audits of the Controls on transactions that are material to a company’s financial statements. These include the reasonable actions the company has taken to limit the liability associated with the aforementioned laws.

Visual OFAC also helps Governance, Risk and Compliance (GRC) through automated procedures that enforce conduct while providing the ability to detect erroneous and illegal activities before compliance violations occur.

See Also:

• OFAC Compliance is Mandatory
• About OFAC and Corporate Compliance
• Specially Designated Nationals
• FCPA and PEP
• FCPA Violations and Penalties
• Screening Foreign Customers
• Sarbanes Oxley (SOX)
• Doing Business with the US Government
• OFAC for EAR99 NLR Goods