Recruiter's Glossary

Examples: GDPR • Vendor Management • Ethics Program

OFAC

Term from Compliance industry explained for recruiters

OFAC (Office of Foreign Assets Control) is a part of the US Treasury Department that enforces economic sanctions. In job contexts, OFAC usually refers to screening processes that banks, companies, and financial institutions must perform to make sure they're not doing business with prohibited individuals, companies, or countries. Think of it as a checking system that helps businesses stay out of trouble by avoiding dealings with restricted parties. When you see OFAC in a job description, it typically means the role involves checking names and transactions against government watchlists.

Examples in Resumes

Conducted daily OFAC screening for new customer accounts

Developed and implemented OFAC compliance procedures for international wire transfers

Led team training sessions on OFAC regulations and OFAC screening tools

Typical job title: "OFAC Compliance Officers"

Also try searching for:

Compliance Officer Sanctions Specialist AML Compliance Officer BSA/OFAC Officer Compliance Analyst Sanctions Compliance Manager Financial Crime Specialist

Where to Find OFAC Compliance Officers

Professional Organizations

Online Resources

Job Boards

Example Interview Questions

Senior Level Questions

Q: How would you design an OFAC compliance program for a global organization?

Expected Answer: A strong answer should cover creating screening procedures, training programs, risk assessments, regular audits, and updating policies based on new regulations. They should mention cooperation between departments and handling complex international transactions.

Q: How do you handle complex sanctions cases with multiple jurisdictions?

Expected Answer: The candidate should discuss analyzing different countries' requirements, consulting with legal teams, documenting decisions, and creating clear processes for handling complicated cases. They should mention real examples of managing such situations.

Mid Level Questions

Q: What steps do you take when you get an OFAC screening match?

Expected Answer: Should explain the process of investigating potential matches, gathering additional information, documenting findings, and escalating true matches to appropriate parties. Should mention false positive handling.

Q: How do you stay current with OFAC updates and changes?

Expected Answer: Should mention following Treasury Department updates, industry newsletters, attending training sessions, and implementing processes to update screening systems when new sanctions are announced.

Junior Level Questions

Q: What is OFAC and why is it important?

Expected Answer: Should explain that OFAC is a Treasury Department office that enforces sanctions, and why businesses need to comply with its regulations to avoid penalties and protect national security.

Q: What are the basic elements of an OFAC screening process?

Expected Answer: Should describe checking names against sanctions lists, gathering customer information, documenting results, and knowing when to escalate potential matches to supervisors.