SC Bar

Are you complying with OFAC regulations? The Office for Foreign Assets Control (OFAC) is a branch of the U.S. Treasury that enforces sanctions against "enemies of the United States" as designated on a master list called the Specially Designated Nationals and Blocked Entities. OFAC has strict regulations regarding the acceptance of payment from individuals suspected of aiding terrorists. Many law firms may be unaware that they are expected to screen all past and potential clients against a list of nearly 5,000 entities that changes daily. Violating OFAC regulations, whether knowingly or unknowingly, can result in fines of up to $10,000,000 and 30 years in prison. The Sentinel is a SDN List Compliance Tool devised by a lawyer in Arizona. A browser-based application made freely available by Legal Technology Consulting, Inc., it helps maintain compliance with OFAC regulations by comparing Outlook contacts to the government list. To learn more, go to www.sdncompliance.com.

 

Do you have a question about lawyer ethics? Read the Rules of Professional Conduct, including the comments, and search the full text of the opinions of the Ethics Advisory Committee.