OFAC List

• A. List of parties prohibited from transactions.
• B. List of approved counterparties.
• C. List of sanctions staff.
• D. List of general licenses.

Answer: (A)

OFAC’s list is the roster of individuals, entities, and regimes that U.S. persons are prohibited from dealing with under sanctions. Banks and other financial institutions use this list to screen customers and counterparties to ensure they don’t engage in transactions with designated parties. If a match is found, the institution must block or freeze the involved assets and report the activity to OFAC. General licenses are separate authorizations that permit certain otherwise prohibited activities, not the roster itself. The idea of an “approved counterparties” list or a list of sanctions staff doesn’t describe OFAC’s function, and a list of general licenses is not the same as the list of prohibited parties.