OFAC Rules definition

OFAC Rules means, collectively, the regulations promulgated and/or issued by OFAC and any statute, regulation, or executive order relating thereto.

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OFAC Rules is defined in Section 3.18 hereof.

OFAC Rules shall have the meaning assigned and ascribed to such term as set forth in Section 3.12(i) of this Agreement.

Examples of OFAC Rules in a sentence

• In such a case, settlement of the IAT may be delayed or suspended, and may be terminated under applicable OFAC Rules.

• You also acknowledge that we may be required to place an indefinite hold on funds covered by the IAT if the IAT is required to be terminated under OFAC Rules.

• International ACH Transactions (IAT) that are transmitted to or from any of your accounts may be identified and designated by us for review and examination under the Office of Foreign Assets Control Rules and Regulations (OFAC Rules).

• You acknowledge that we may be required to place an indefinite hold on the funds covered by the IAT Entry if the IAT Entry is required to be terminated under the OFAC Rules.

• You understand that in the event an International ACH Transaction (“IAT”) Entry that is transmitted to or from any of your accounts is identified and designated by the Credit Union’s screening criteria for review and examination under the OFAC Rules and Regulations (“OFAC Rules”).

• To comply with OFAC Rules, we may temporarily suspend processing of a transaction or the availability of a balance for greater scrutiny or verification against the OFAC list of blocked parties, which may result in delayed settlement, posting and/or availability of funds.

• If we determine there is a violation or potential violation of the OFAC Rules, or if we cannot satisfactorily resolve a suspected or potential violation, we may reject such transaction or freeze or block the subject funds or full balance of any Account or Restricted Person.

• The settlement of such an IAT Entry may be delayed or suspended pending the Credit Union’s review of the IAT Entry, and may be terminated under applicable OFAC Rules.

• You also acknowledge that we may be required to place an indefinite hold on the funds covered by the IAT Entry if the IAT Entry is required to be terminated under the OFAC Rules.

• You acknowledge that in the event an International ACH Transaction (“IAT”) Entry that is transmitted to or from any of your Accounts is identified and designated by the Credit Union’s screening criteria for review and examination under the OFAC Rules and Regulations (“OFAC Rules”), then the settlement of such an IAT Entry may be delayed or suspended pending our review of the IAT Entry, and may be terminated under applicable OFAC Rules.

More Definitions of OFAC Rules

OFAC Rules. As such term is defined in Section 5.4(g).

OFAC Rules has the meaning set forth in Section 5.1.17.

OFAC Rules shall have the meaning set forth in Section 4.1(mm).

OFAC Rules. As such term is defined in Section 4.2(r).

OFAC Rules shall have the meaning set forth in Section 3.1.38.

OFAC Rules means the rules of OFAC and any statute, executive order, or regulation relating thereto. “Operating Expenses” shall have the meaning set forth in Section 4.4 hereof.