The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) oversees and enforces economic sanctions against certain countries, regions, entities, and individuals. It is important to have an understanding of these sanctions and conduct diligence because significant penalties can be imposed for violations of the OFAC sanctions, including on a strict-liability basis. Thus, a person or entity can be fined for violating the sanctions even though it did not know it was committing a violation.

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