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RE: What your bank is not telling you about your cash deposits and withdrawals.

in #money8 years ago (edited)

Darn good question...
As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific. Collectively, such individuals and companies are called "Specially Designated Nationals" or "SDNs." Their assets are blocked and U.S. persons are generally prohibited from dealing with them.

Source...
https://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx

Actual list (takes awhile to load because it's rather long)
https://www.treasury.gov/ofac/downloads/sdnlist.txt

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So it's actually an offence to transact with the people on this list? Punishable by law? Do you have to break the law to get on it? How do you get off it?

@wish Depends on the situation. As a normal business doing business, like say a grocery store. It's a non-issue. But if you deal in money or securities it is required that you report any and all transactions. You can "do business" with them, but you are not allowed to release funds or assets without approval of OFAC

You could probably put whistleblowers and Govt activists in that category as well.

@ajavajive Well we couldn't, but I'm sure the feds can & do.