Get the free Addendum to the Subscriber Services Agreement for OFAC Name Matching Service

This document serves as an addendum to the Subscriber Services Agreement for the OFAC Name Matching Service, outlining the conditions of service, charges, and responsibilities of both the Subscriber

How to fill out addendum to form subscriber

How to fill out Addendum to the Subscriber Services Agreement for OFAC Name Matching Service

1. Obtain the Addendum to the Subscriber Services Agreement for OFAC Name Matching Service document.
2. Read through the existing Subscriber Services Agreement to understand the context of the addendum.
3. Fill out the header section with the date and any relevant identification information.
4. Clearly state the purpose of the addendum, which is to provide the OFAC Name Matching Service.
5. Provide specific details about the services offered, including any limitations or conditions.
6. Include the necessary legal jurisdiction and compliance statements associated with OFAC regulations.
7. Review all filled sections for accuracy and completeness.
8. Have the appropriate parties sign the addendum where indicated.
9. Keep a copy of the signed addendum for your records.

Who needs Addendum to the Subscriber Services Agreement for OFAC Name Matching Service?

1. Financial institutions that need to comply with OFAC regulations.
2. Companies involved in international trade and need to screen against OFAC lists.
3. Any organization that requires verification of client or vendor identities against OFAC sanctions.

People Also Ask about

What are OFAC requirements?

OFAC authorities may require U.S. persons to block all property and interests in property of certain persons, known as "blocked persons." When this is the case, any property and interests in property of a blocked person that are within the United States or within the possession or control of a U.S. person must be

How do banks comply with OFAC?

The bank will look at high-risk areas, provide controls for screening and reporting, establish testing for compliance, and designate a specific employee to oversee OFAC compliance. The initial identification of high-risk customers for the OFAC is often performed as part of the bank's CDD and CIP procedures.

How to clear OFAC?

To request removal from any OFAC sanctions list, including the SDN List, simply write to OFAC and request removal.

Who regulates the sanctions regime in the US?

Office of Foreign Assets Control, Department of the Treasury – OFAC plays a primary role in administering and enforcing many U.S. sanctions programs. In coordination with the Department of State, OFAC issues licenses where appropriate for a variety of goods, services and transactions.

What is the OFAC list?

As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific.

What are the 5 components of OFAC compliance?

While each risk-based SCP will vary depending on a variety of factors — including the company's size and sophistication, products and services, customers and counterparties, and geographic locations — each program should be predicated on and incorporate at least five essential components of compliance: (1) management

What are OFAC compliance requirements?

Effective OFAC compliance programs generally include internal controls, including policies and procedures, in order to identify, interdict, escalate, report (as appropriate), and keep records pertaining to activity that is prohibited by the sanctions programs administered by OFAC.

What is the full form of OFAC compliance?

The Office of Foreign Assets Control ("OFAC") of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities

For pdfFiller’s FAQs

What is Addendum to the Subscriber Services Agreement for OFAC Name Matching Service?

The Addendum to the Subscriber Services Agreement for OFAC Name Matching Service is a legal document that outlines the terms and conditions for using a service that assists in screening individuals and entities against the OFAC (Office of Foreign Assets Control) list to ensure compliance with U.S. sanctions.

Who is required to file Addendum to the Subscriber Services Agreement for OFAC Name Matching Service?

Entities or individuals that require access to the OFAC Name Matching Service for compliance purposes, such as financial institutions, businesses, or organizations engaged in activities regulated by OFAC, are required to file the Addendum.

How to fill out Addendum to the Subscriber Services Agreement for OFAC Name Matching Service?

To fill out the Addendum, one must provide specific information including the name of the subscriber, details about the services requested, and any required compliance assurances, along with signatures from authorized representatives.

What is the purpose of Addendum to the Subscriber Services Agreement for OFAC Name Matching Service?

The purpose of the Addendum is to establish the terms under which the Subscriber can utilize the OFAC Name Matching Service, ensuring compliance with relevant laws and regulations, particularly in relation to financial transactions involving sanctioned parties.

What information must be reported on Addendum to the Subscriber Services Agreement for OFAC Name Matching Service?

The information that must be reported includes the Subscriber's legal name, contact details, the nature of the services required, and any necessary compliance documentation affirming adherence to OFAC regulations.