OFAC (Office of Foreign Assets Control) sanctions have extraterritorial reach. This means that any company, even outside the U.S., that uses dollars or U.S. technology can be sanctioned if it facilitates transactions for individuals on the restricted list.
Corporate shielding strategies
Due diligence: monitoring does not end with the contract. It must be ongoing
(re-screening) because sanctions lists change daily.
Staff training: the compliance team must understand the seriousness of skipping a system alert.
Use of technology: utilize tools that ensure traceability of inquiries.
The support of AgileCheck
Avoiding an international sanction depends on the quality of your data. AgileCheck offers you a compliance software that is always updated, supporting your management with clear digital evidence: who inquired, whom was inquired about, and what the result was. In LatAm, we are the partner that ensures your access to the global market remains open.