Are you doing business with any Specially Designated Nationals?

More and more companies need to know the answer to this question. If the answer is “yes,” they can expect a swift compliance call from the Office of Foreign Assets Control (OFAC), which is part of the U.S. Department of the Treasury.

This Business Finance article offers a primer on OFAC and includes some OFAC compliance guidance from Gene Truono, managing director, BDO Consulting. Truono oversees his firm’s financial institution consulting practice and is a member of the Association of Certified Anti-Money Laundering Specialists. ###