What are the OFAC and The USA PATRIOT Act?
The Office of Foreign Asset Control (OFAC) is a division of the Treasury Department. OFAC administrates sanctions and embargo restriction programs involving various nations. OFAC also maintains a list of individuals and entities including terrorists and drug traffickers, or designated nationals of blocked countries, who are restricted from doing business with U.S. firms. The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot) Act, amends a host of substantial provisions of existing federal law relating to government surveillance, anti-terrorism, money laundering and ID verification.

What kind of businesses do they cover?
All businesses operating within the borders of the United States should be aware of the OFAC and the USA PATRIOT Act. All businesses are required to comply with OFAC directives and restrictions. The USA PATRIOT Act directly affects all businesses that meet the definition of the Financial Services Industry.

How do they affect my business?
Restrictions on who you can do business with, how you transfer funds, where you transfer those funds, are just a few of the considerations under OFAC and USA PATRIOT Act.

What are the penalties if I am found not in compliance?
Non-compliance with OFAC and USA PATRIOT Act can result in large fines ($250,000 to start) or incarceration of the responsible individuals (compliance officers, etc).

How does MIS solve this problem?
The MIS database contains not only the OFAC list, but control lists issued by various government agencies, foreign control lists and lists issued by international regulators and watchdogs. These lists are updated on a same day basis when new information is received. MIS along with Experian provides ID verification to comply with the USA PATRIOT Act.

Why is MIS the best solution for complying with the rules?
For over 35 years MIS has provided the Financial Services Industry with assistance in managing new account information. Already trusted by over 4,000 Financial Service Companies, MIS provides same day response to our member’s inquiries.

What about the future? How will I know my business will continue to be protected?
Unlike the many start-up firms trying to solicit your business, inquiries received by MIS are stored in our database for future reference. Any changes or additions to various lists are run against our existing database and reports to our members are generated on a same day basis. This means you have perpetual coverage for all your inquiries.