iRemit System is now OFAC compliant. This means that any remitter and beneficiary shall be checked against the database of blocked person provided by the US Department of Treasury. This list contains information on individuals tagged as terrorists or blocked persons. Once a remitter or beneficiary is identified in the list, pursuant to this regulation, iRemit shall report to local anti-money laundering council for AMLA compliance.
What is OFAC and what is its role?
The Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction. OFAC acts under Presidential wartime and national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze foreign assets under US jurisdiction. Many of the sanctions are based on United Nations and
other international mandates, are multilateral in scope, and involve close cooperation with allied governments.
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