OFAC definition

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.

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

Examples of OFAC in a sentence

• Under such rules and laws, we may temporarily suspend processing of a transaction for greater scrutiny or verification against the OFAC list of blocked parties, which may result in delayed settlement, posting and/or availability of funds.

• We are under no obligation to honor, in whole or in part, any payment order or other instruction that could result in our contravention of applicable law, including requirements of the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN).

• You also will observe all anti-money laundering and exchange control laws and regulations, including economic and trade sanctions promulgated by OFAC, in relation to any funds transfer, and you will use all reasonable efforts to assist us to do likewise.

• 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 your Account receives incoming ACH transactions (either credits or debits) or wire transfers initiated from within or outside of the United States, both you and we are subject to the Operating Rules and Guidelines of NACHA, or the rules of any wire transfer system involved, and the laws enforced by OFAC.

More Definitions of OFAC

OFAC shall have the meaning assigned to such term in Section 3.22.

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

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