The  Office of Foreign Assets Control (OFAC)  administers and enforces economic and trade sanctions against targeted foreign countries, terrorism-sponsoring organizations, and international narcotics traffickers based on U.S. foreign policy and national security goals.  All U.S. persons and entities, including banks and overseas branches, offices and subsidiaries of U.S. banks must comply with these laws and OFAC-issued regulations.   This area always receives extra attention during your internal audits and exams.

AML RightSource LLC (AMLRS) will assist your institution to oversee the enterprise-wide implementation and maintenance of your OFAC compliance program.   AMLRS is responsible for the OFAC compliance process for existing customers and third party vendors on a go forward basis once a relationship has been established.   This includes the ongoing monitoring of updates to the OFAC SDN list, scanning existing customers and vendors against new lists as they are published, and assisting with the reporting to the United States government with respect to blocked or rejected funds.  AMLRS will investigate and work with your institution to resolve any and all positive matches to the OFAC SDN list as well.   In support of your program, we also maintain the necessary logs and supporting documentation that will satisfy your auditors and examiners as well