The Office of Foreign Assets Control (OFAC) is a department within the U.S. Treasury that regulates and enforces economic and trade sanctions based on US foreign policy. The OFAC compliance test is a mandatory test that checks a customer’s identifying information against the specially designated nationals (SDN) list to make sure that it is legal to give the customer a loan.
How to Run a Compliance Test
The OFAC compliance test can be found inside Customer Tools in any customer file.
Simply click Pull OFAC Report Now.
This will bring up a window with the customer’s information.