OFAC Screening is an enforcement agency of the United States Department of Treasury. Under Presidential national emergency powers, OFAC acts to restrict transactions and freeze assets. OFAC enforces the Tradition with the Enemy Act, which restricts trade with countries hostile to the U.S. It also uses sanctions to apply financial pressure to targeted individuals or nations. Screening sanction lists is one of the Anti-Money Laundering or CDD operations.
OFAC's mission is to combat financial crime, money laundering, and other illicit activities. OFAC has the freedom to exempt certain transactions from prohibition and allow them to occur. OFAC has a Specially Designated Nationals (SDN) list, which is a list of individuals and companies who are affiliated with or from targeted countries.
PEP List Screening identifies Politically Exposed Persons & analysing their risk profile for the financial institution. PEPs are individuals with formal political power and informal but influential political connections, according to the Financial Action Task Force (FATF). Rather than imposing a time limit on dealing with a previous PEP, risk assessment should be considered. Risk-based approaches require analysis of PEPs who no longer hold prominent public positions to determine whether they are susceptible to money laundering and terrorist financing.
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