OFAC definition

OFAC means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

OFAC means the Office of Foreign Assets Control of the United States Department of the Treasury.

OFAC means the U.S. Department of the Treasury’s Office of Foreign Assets Control.

Examples of OFAC in a sentence

• You realize that in holding an account or otherwise acting on behalf of a blocked party we are responsible for freezing the proceeds of ACH transactions involving the party and reporting them to OFAC.

• OFAC: Office of Foreign Assets Control of the U.S. Treasury Department.

• If the beneficiary of any Transfer is a person or entity listed on the list of Specially Designated Nationals and Blocked Persons issued by OFAC (collectively, “Blocked Persons”), we shall not be obligated to complete the Transfer and may block the funds until such time that OFAC issues a written release to us.

• Both parties agree to comply with applicable export regulations, including but not limited to U.S. Export Administration Regulations and the OFAC embargoes and sanctions lists.

• This includes, but is not limited to, sanctions enforced by OFAC.

More Definitions of OFAC

OFAC shall have the meaning ascribed to such term in Section 3.1(kk).

OFAC means the U.S. Department of the Treasury’s Office of Foreign Assets Control, and any successor thereto.

OFAC has the meaning set forth in Section 3.23.

OFAC is the U.S. Department of Treasury Office of Foreign Assets Control. “OFAC Lists” are, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Executive Orders.

OFAC is defined in Section 5.16(a).

OFAC the Office of Foreign Assets Control of the United States Department of the Treasury and any successor thereto.

OFAC has the meaning assigned to such term in Section 3.17(a).