OFAC Screening of Existing Clients and Third Parties

On July 6, 2016, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) added North Korean leader Kim Jong Un and other officials to the list of Specially Designated Nationals and Blocked Persons (“SDN List”) for human rights abuses. While it should not be terribly surprising that a political leader alleged by the United States to have caused millions of his own people to endure cruel hardships ended up on the SDN List, this recent designation by OFAC serves to remind broker-dealers and investment advisers of the importance of regularly Read More…