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What Does SDN Mean?

FAQs Jackson Bowman August 31, 2022

Collectively, such individuals and entities are referred to as “Specially Designated Nationals” or “SDNs”. Their assets are blocked and US persons are generally prohibited from doing business with them. View more information on Treasury Department sanctions programs.

What is the purpose of SDN list?

The Specially Designated Nationals and Blocked Persons List, also known as the SDN List, is a US government sanctions/embargo measure aimed at US-designated terrorists, officials and aides of certain authoritarian regimes, and international criminals (eg B. drug dealers). .

What is SDN and non SDN list?

Where an individual is subject to full lockdown measures by law or other authority, that person will only appear on OFAC’s Specially Designated Nationals and Banned Persons (SDN) list. Any sanctions other than full ban imposed on that person are also listed on the SDN list.

When was SDN list created?

13224) approved by the President on 23. September 2001 was signed. Under E.O. 13224, individuals and organizations may be designated as Specially Designated Nationals if they meet one of five criteria summarized below: foreign individuals or organizations listed in the Appendix to E.O. are listed

What does OFAC stand for?

The Office of Foreign Assets Control (“OFAC”) of the US Treasury Department administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes , terrorists, international drug traffickers, persons involved in activities…

What is SDN in money laundering?

Collectively, such individuals and entities are referred to as “Specially Designated Nationals” or “SDNs”. Their assets are blocked and US persons are generally prohibited from trading in them.

Who do Blocked funds Sdn belong to?

Property and transactions violating OFAC sanctions may be blocked by the shipper or the financial institution, which is required to review the SDN list and the flow of funds or goods between the United States (and US citizens living abroad) and the affected nation or person.

What happens when a person is sanctioned?

Sanctions, as defined by law and legal definition, are penalties or other enforcement tools used to incentivize compliance with the law or rules and regulations. Criminal sanctions can take the form of severe punishment, such as B. Corporal punishment, death, imprisonment or heavy fines.

Which are OFAC countries?

Currently, sanctioned countries include the Balkans, Belarus, Burma, Ivory Coast, Cuba, Democratic Republic of the Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria and Zimbabwe.

How often is SDN list updated?

The OFAC SDN list may be updated as often as a few times a week or as infrequently as once every six months. To conduct and manage a routine ongoing exclusion screening process, we recommend bundling OFAC SDN screening with your other compliance screening services.

What is prohibited with SDN?

US persons are prohibited from trading SDNs regardless of where they are located and all SDN assets are suspended. Entities owned by an individual on the SDN list (defined as direct or indirect ownership of 50% or more) are also blocked, regardless of whether that entity is separately listed on the SDN list.

What should you do if you have a hit against the SDN list?

If it violates OFAC’s SDN list or target countries, next NEXT. If it scores for some other reason, you should contact the keeper of the other list the match scores against.

What to do if someone is on the OFAC list?

For the list of excluded parties, please contact the Directorate of Defense Trade Controls at the U.S. Department of State, 202-663-1282. Bank Secrecy and the USA PATRIOT Act, please contact the Financial Crimes Enforcement Network (FinCEN), 1-800-949-2732.

What is SSI list?

The Sectoral Sanctions Identification List (the. “SSI List”) This publication of the Department of Treasury’s Office of Foreign Assets Control (“OFAC”) is a reference tool that provides actual notices of actions by OFAC with respect to individuals who be identified pursuant to Executive Order 13662.

What are the 3 types of OFAC sanctions?

OFAC administers a number of different sanctions programs. Sanctions can be either comprehensive or selective, using asset freezes and trade restrictions to achieve foreign policy and national security objectives.

How many countries are sanctioned by the US?

Since 1998, the United States has imposed economic sanctions on more than 20 countries. These sanctions, according to Daniel T.

What is the OFAC SDN 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, target countries. It also lists individuals, groups, and organizations, such as terrorists and drug traffickers, who have been named under programs that are not country-specific.

How many names are on the OFAC SDN list?

OFAC’s Specially Designated Nationals and Blocked Persons List (“SDN List”) contains approximately 6,300 names associated with sanctions targets. OFAC also maintains other sanctions lists that include other related prohibitions.

What is the full form of the SDN list?

To fulfill its duties, the Office of Foreign Assets Control (OFAC) compiles the list of Specially Designated Nationals and Blocked Persons – also known as the OFAC SDN list.

How do you release blocked money?

Release of Blocked Funds

If your funds have been blocked or “frozen” by a financial institution or other party due to a possible connection to OFAC-imposed sanctions, you can apply for a special license to purchase, by clicking the Apply License button above.

References:

  1. https://en.wikipedia.org/wiki/Specially_Designated_Nationals_and_Blocked_Persons_List
  2. https://home.treasury.gov/policy-issues/financial-sanctions/consolidated-sanctions-list-non-sdn-lists/non-sdn-menu-based-sanctions-list-ns-mbs-list
  3. https://www.visualofac.com/resources/sdn-designations/
  4. https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information
  5. https://home.treasury.gov/policy-issues/financial-sanctions/specially-designated-nationals-and-blocked-persons-list-sdn-human-readable-lists
  6. https://ofaclawyer.net/enforcement-powers/blocked-property/
  7. https://en.wikipedia.org/wiki/Sanctions_(law)
  8. https://www.wm.edu/offices/techtransfer/ExportControls/Regulations/OFAC/index.php
  9. https://www.providertrust.com/blog/what-is-the-ofac-sdn-list/
  10. https://home.treasury.gov/policy-issues/financial-sanctions/faqs/topic/1501
  11. https://home.treasury.gov/policy-issues/financial-sanctions/contact-ofac/when-should-i-call-the-ofac-hotline
  12. https://home.treasury.gov/policy-issues/financial-sanctions/faqs/topic/1591
  13. https://www.treasury.gov/ofac/downloads/ssi/ssilist.pdf
  14. https://www.treasury.gov/resource-center/sanctions/programs/pages/programs.aspx
  15. https://en.wikipedia.org/wiki/United_States_sanctions
  16. https://home.treasury.gov/policy-issues/financial-sanctions/specially-designated-nationals-list-data-formats-data-schemas
  17. https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information/where-is-ofacs-country-list-what-countries-do-i-need-to-worry-about-in-terms-of-us-sanctions
  18. https://complyadvantage.com/insights/what-are-sanctions/specially-designated-nationals-sdn-list/
  19. https://home.treasury.gov/policy-issues/financial-sanctions/ofac-license-application-page

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