SubSilver

[soumitss]

What compliance procedures do small businesses actually need for OFAC? We can't afford a full compliance department.

[hydrogenn]

You don't need a compliance department, but you need appropriate procedures for your risk level. Minimum: screen all customers and vendors against the SDN list before doing business, have a written policy on what to do if screening produces a hit, train employees who handle transactions, and keep records of your screening. Use commercial screening tools if you can afford them, or at minimum check OFAC's downloadable SDN list. Document everything. The procedures should match your risk - if you only deal with domestic US customers, requirements are lighter than if you do international transactions. I found small business compliance frameworks at this link ofacblockedfundslawyers.com that were scalable and practical. Start with basics and enhance as needed.