What is OFAC?

The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency of the U.S. Treasury Department. It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives. Under Presidential national emergency powers, OFAC carries out its activities against foreign states as well as a variety of other organizations and individuals, like terrorist groups, deemed to be a threat to U.S. national security.

What is the OFAC watch list?

As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific.

What is the OFAC Moveware automated report?

OFAC has an automated system, where companies can drop .txt files with Customers, Vendors and Jobs. The files then get compared automatically against their watch list. If a match is found their system generates a direct notification to the company.

Moveware has created three reports that are generated automatically against OFAC specifications to match their system’s requirements. The three files are:

1. New Customers. This is generated based on the Moveware Customer list. Every time the report runs it verifies the list and all new Customers are entered on the report.
2. New Vendors. The same process works for Vendors but utilizing the Vendors/Creditors Moveware list.
3. New Jobs. The final is a report based on Jobs and can be generated based on Job Entered date or Job Booked date.

Important note

It is important to mention that Moveware does not have the contact information for OFAC and the relationship is between our customers and OFAC.

Finally, Moveware does not have access to OFAC or U.S. Government sites and we simply drop the files to a centralized location provided by our customer. From there it is managed by our customers and OFAC.

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