Office of Foreign Assets Control

What Office of Foreign Assets Control does

The Office of Foreign Assets Control (OFAC) is a U.S. federal government agency within the Department of the Treasury, established in 1950 in response to the Korean War to freeze Chinese and North Korean assets. It now administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals, targeting foreign countries and regimes, terrorists, international narcotics traffickers, weapons of mass destruction proliferators, and other threats. OFAC operates as part of Treasury's Office of Terrorism and Financial Intelligence (TFI) and is headquartered in Washington, D.C., with a headcount of 51–100 employees.

OFAC's core technology infrastructure centers on sanctions list management and enforcement platforms: the Specially Designated Nationals (SDN) List, the Sanctions List Search tool, the Consolidated Sanctions List (Non-SDN Lists), and the Sanctions List Service (SLS) which distributes data files in XML, CSV, and delimited formats for automated compliance integration. Operational portals include the Reconsideration Portal for delisting petitions, the Specific License Application Portal, the OFAC Reporting System for blocked and rejected transactions, and a newly launched Voluntary Self-Disclosure Portal (February 6, 2026). The agency also issues general licenses authorizing categories of transactions (e.g., Venezuela oil and gas sector GL 46A through 51) and maintains a compliance hotline for public guidance.

OFAC operates on a non-commercial funding model, financed entirely through U.S. Treasury appropriations rather than fees or revenue generation. Its "user base" consists of regulated U.S. financial institutions, business entities subject to U.S. jurisdiction, and humanitarian organizations engaging with sanctioned jurisdictions—all required to screen transactions against OFAC lists and report blocked activity. Enforcement is exercised through civil penalties (e.g., $275 million Adani Enterprises settlement, $1.72 million IMG Academy settlement), criminal referrals to DOJ, and designation authority under statutes including the International Emergency Economic Powers Act (IEEPA) and the Foreign Narcotics Kingpin Designation Act. OFAC coordinates extensively with the State Department, Commerce/BIS, DOJ, SEC, DHS, and the U.S. Navy on designations, export controls, criminal enforcement, securities matters, and maritime interdictions of sanctions-evasion networks.

Name

Office of Foreign Assets Control

Legal name

Office of Foreign Assets Control

Website

https://ofac.treasury.gov

Company type

Private

Founded year

1950

Operating status

Operating

Headcount range

51–100 employees

Short description

The Office of Foreign Assets Control (OFAC) is a U.S. Treasury agency that administers and enforces economic and trade sanctions against targeted foreign countries, terrorists, narcotics traffickers, and other national security threats, serving U.S. financial institutions, regulated businesses, and humanitarian organizations through sanctions list management, licensing, and enforcement.

Ownership category

akta.pro rank

Product category

Economic Sanctions Enforcement and Compliance

NAICS

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (926150), National Security (928110)

akta.pro primary industry

Trade, Import/Export Controls & Sanctions Regulators (BPAIAOAO)

akta.pro secondary industries

Sanctions Screening (OFAC/UN/EU) (FSAMAMAC), Sanctions & Restricted Party Screening Advisory (TLACAGAC), Regulatory & Sanctions Compliance Screening for Maritime Operations (Trade Controls, AML) (TLAHANAL), AML/Financial Crime for Securities (KYC, Sanctions, PEP) (FSACAJAE)

Keywords

• Economic sanctions enforcement
• Sanctions compliance programs
• Designated nationals screening
• Trade and asset restrictions
• Regulatory enforcement actions

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Core offering

OFAC administers and enforces U.S. economic and trade sanctions against targeted foreign countries, regimes, terrorists, international narcotics traffickers, weapons of mass destruction proliferators, and other national security threats. The agency provides sanctions screening tools (SDN List, Sanctions List Search, Sanctions List Service data feeds), specific and general licensing for prohibited transactions, a Reconsideration Portal for delisting petitions, and an OFAC Reporting System for blocked transactions and voluntary self-disclosures. It pursues civil penalties and refers criminal matters in coordination with the Department of Justice.

Product overview

The Office of Foreign Assets Control (OFAC) operates as a regulatory enforcement agency within the U.S. Department of the Treasury, administering and enforcing economic and trade sanctions based on US foreign policy and national security goals. Rather than a unified software product, OFAC provides a portfolio of public-facing services including the Specially Designated Nationals (SDN) List for screening blocked parties, the Sanctions List Search Tool for compliance verification, a Reconsideration Portal for delisting petitions, an Application Portal for specific license requests, the OFAC Reporting System for blocked transactions and self-disclosures, and the Sanctions List Service (SLS) providing downloadable data files in multiple formats for automated screening. Additional services include a Compliance Hotline for guidance, General Licenses authorizing specific sector activities (such as Venezuela oil and gas operations), and comprehensive FAQs covering all sanctions programs including Russia, Iran, North Korea, Cuba, Counter Narcotics, Cyber-related, and Venezuela sanctions.

Differentiator

Problem solved

Functional benefit

Products and services

• Specially Designated Nationals (SDN) List A comprehensive list of individuals, companies, and entities owned or controlled by, or acting for or on behalf of, targeted countries and regimes, terrorists, international narcotics traffickers, and other threats to U.S. national security. U.S. persons and financial institutions are required to block transactions with listed parties and freeze their assets. The list is maintained with real-time updates and available in multiple downloadable formats.
• Sanctions List Search Tool A web-based search tool that allows users to search OFAC's sanctions lists for individuals, entities, and vessels to determine if they are listed and subject to sanctions. Hosted at sanctionssearch.ofac.treas.gov.
• Sanctions List Service (SLS) A subscription-based service providing comprehensive sanctions list data files in multiple formats (XML, CSV, DEL, FF) for automated screening and database integration by compliance teams. Includes both full and delta updates.
• Consolidated Sanctions List (Non-SDN Lists) A comprehensive list combining multiple OFAC sanctions lists including the SDN List, Foreign Government Sanctions List, Sectoral Sanctions Identifications List, and others in a unified format for compliance screening.
• Reconsideration Portal An online portal for persons or property listed on OFAC sanctions lists to request courtesy documents explaining the basis for designation, or to submit petitions for administrative reconsideration (delisting petitions), including document submission and tracking capabilities.
• Specific License Application System An online application portal for requesting specific licenses authorizing transactions that would otherwise be prohibited by OFAC sanctions regulations, including the release of blocked funds.
• OFAC Reporting System A system for reporting blocked or rejected transactions, providing annual reports, and submitting voluntary self-disclosures of potential sanctions violations.
• Voluntary Self-Disclosure Portal An online portal launched on February 6, 2026 to facilitate voluntary self-disclosures of potential sanctions violations by companies, designed to streamline submission, document handling, and OFAC enforcement tracking.
• General Licenses for Venezuela Oil and Gas Sector General licenses (GL 46A, 47, 48, 30B, 49, 50A, 51) expanding authorizations for trade and investment in Venezuela's oil, gas, and gold sectors, including authorizations for BP PLC, Chevron Corporation, Eni S.p.A., and other pre-approved companies.
• OFAC Compliance Hotline A telephone and online resource for the public to contact OFAC for guidance on how to comply with OFAC sanctions programs and navigate OFAC's resources.
• OFAC Compliance Program Guidance Framework documentation including A Framework for OFAC Compliance Commitments and guidance for specific industries on implementing effective sanctions compliance programs.

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and supporting.

• U.S. Department of JusticecoreOthers · 18 May 2026DOJ coordinates with OFAC on criminal enforcement matters related to sanctions violations. Recent coordination included resolution of Adani Group matters where DOJ dropped criminal charges while OFAC settled civil sanctions violations for $275 million.
• U.S. Securities and Exchange CommissioncoreOthers · 18 May 2026SEC coordinates with OFAC on securities-related sanctions matters. In the Adani resolution, SEC settled civil fraud allegations ($18 million total) separately from OFAC's $275 million sanctions settlement.
• U.S. Navy/Military ForcessupportingOthers · 1 March 2026Coordinated maritime enforcement operations resulting in vessel seizures, including the M Sophia carrying 1.8 million barrels of Venezuelan crude, demonstrating escalating U.S. capabilities to disrupt shadow fleet operations.
• U.S. Department of StatecoreOthersOFAC coordinates sanctions policy determinations with the State Department, particularly for foreign policy and national security-related designations. The State Department provides designations under certain authorities like Foreign Terrorist Organizations.
• U.S. Department of Commerce (Bureau of Industry and Security)coreOthersOFAC coordinates with BIS on export control matters, particularly for transactions involving goods or technology exports to sanctioned countries. BIS administers the Export Administration Regulations (EAR) which operate alongside OFAC sanctions.
• U.S. Department of Homeland SecuritysupportingOthersDHS coordinates on enforcement actions related to sanctions evasion networks, including maritime enforcement operations targeting shadow fleet vessels transporting sanctioned oil.
• U.S. Financial InstitutionscoreOthersOFAC relies on U.S. banks and financial institutions to block transactions involving sanctioned parties, screen customers against sanctions lists, and report blocked/rejected transactions through the OFAC Reporting System.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• FinCEN (Financial Crimes Enforcement Network): Fellow Treasury bureau administering BSA/AML compliance with mandates that significantly overlap OFAC's sanctions screening and reporting requirements. Same parent agency, shared regulatory authority over financial institutions, and overlapping Suspicious Activity Report and Currency Transaction Report workflows.
• UK Office of Financial Sanctions Implementation (OFSI): HM Treasury agency that implements UK financial sanctions, with functions analogous to OFAC: asset freezing, financial sanctions screening, civil monetary penalties, and enforcement against UK persons. Direct international counterpart that often mirrors OFAC designations under UK autonomous sanctions regimes.
• Bureau of Industry and Security (BIS): Commerce Department agency administering the Export Administration Regulations (EAR) and coordinating with OFAC on dual-use export controls. Shares many designated parties, maintains the Entity List alongside OFAC's SDN List, and jointly enforces technology and commodity restrictions against sanctioned countries.
• European Commission DG TRADE — Sanctions: EU body responsible for implementing EU restrictive measures (sanctions) including asset freezes and trade restrictions across member states. Functions as the EU institutional counterpart to OFAC and often coordinates designations targeting the same regimes (Russia, Iran, North Korea).
• U.S. Department of Justice National Security Division: DOJ division that prosecutes criminal violations of U.S. sanctions laws in coordination with OFAC. Critical partner agency for criminal sanctions enforcement, export control violations, and national security-related financial crimes, as demonstrated by joint resolutions such as the Adani matter.

Broad incumbents

• UN Security Council Sanctions Committees: Multilateral body that establishes sanctions regimes through UN Security Council resolutions. While OFAC operates under unilateral U.S. authority, many OFAC sanctions programs are layered on top of UN sanctions, and UN listings often drive or prefigure OFAC designations.

Emerging players

• Refinitiv (London Stock Exchange Group): Major private-sector provider of sanctions screening data and World-Check compliance technology that commercializes OFAC SDN list data for institutional compliance. Operates downstream of OFAC but provides critical screening infrastructure that financial institutions rely on to operationalize OFAC's designations.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/ForeignOf54568

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Office of Foreign Assets Control