Services

1) Generally Licensed Transactions

Transactions that are permitted under the regulations, but that still require the client to establish transparency. 

• Non-commerical Personal Remittances:

Non-commercial personal remittances can be a gift or inheritance to and from a designated country. When these transactions are generally licensed, they do not require separate authorization from OFAC. However, you must ensure that the funds are deposited to your U.S. bank through legal channels and that the transfer does not involve designated nationals.

• Sale of real or personal assets that were inherited or acquired before becoming a U.S. person 

When OFAC issues a general license permitting all U.S. persons to sell inherited property and assets, or property and assets that had been acquired prior to that person becoming a U.S. person, you no longer need to apply for a specific license from OFAC. Again, you must submit certain compliance documents to your U.S. bank and confirm the legality of the sale and transfer of assets.

• Explanation of regulations; banking method and need to submit compliance documents to U.S. bank

Despite OFAC’s general licenses, you must still submit appropriate compliance documents to the correct department of your U.S. banking institution in order for the bank to be aware of the source and legality of the transfer. You must submit certain compliance documents to your bank prior to each incoming wire transfer, ensure that the wire transfers enter the United States through legal channels and that the transfer does not involve any designated entities or individuals.

2) Specific Licenses:  

Transactions that are not legal on their face and that require specific authorization from OFAC. 

A specific license can be applied for and obtained through OFAC—unless restricted through explicit legislation—for transactions that would otherwise be considered “prohibited” according to existing regulations. A specific license is a written authorization issued by OFAC to a particular individual or entity that grants permission to engage in a specific transaction or activity. In the absence of such a specific license, the transaction or activity is deemed illegal. A specific license issued by OFAC to a certain individual or entity does not grant any other individual or entity the same permission.  

Transactions that are not legal on their face and that require specific authorization from OFAC.

A specific license can be applied for and obtained through OFAC—unless restricted through explicit legislation—for transactions would otherwise be considered “prohibited” according to existing regulations. A specific license is a written authorization issued by OFAC to a particular individual or entity that grants permission to engage in a specific transaction or activity. In the absence of such a specific license, the transaction or activity is deemed illegal. A specific license issued by OFAC to a certain individual or entity does not grant any other individual or entity the same permisssion. 

3) Compliance Training: 

A tool for businesses and individuals to understand sanctions.

The ever-expanding use of sanctions as a U.S. foreign policy tool makes understanding these regulations and their impact significant for many businesses and individuals. The swift onslaught of sanctions against Russia after its invasion of Ukraine in February 2022 illustrated both the speed and impact of these policies. 

Our compliance trainings assist you in understanding how sanctions apply to you, your business, international transactions, and the hiring of nationals from other countries. Our training programs can help you implement strategies and tools tailored to your business to ensure compliance and also outline steps to take to cure violations. 

4) Consultation: 

Schedule a consultation today to learn more about OFAC's currrent regulations and how they apply to you and to determine the best course of action for your case.