The Office of Foreign Assets Control (OFAC) is an entity of the U.S. government as part of the US Department of the Treasury that manages economic sanctions, and has a Specially Designated Nationals (SDN) List listing people, organizations, and vessels that U.S. citizens and permanent residents cannot do business with. As a result, businesses under U.S. jurisdiction must make sure that they comply with the regulations established by this office.
To help facilitate this, LoanPro checks customer names and SSNs against the SDN list given by OFAC. To use this list, select your customer and click on the OFAC Test link, and then click on the “Pull OFAC report now” button. LoanPro will then compare the customer information against the SDN list for potential matches and will alert you if potential matches were found.
Please note that LoanPro does not guarantee the accuracy of this tool.