OFAC (Office of Foreign Asset Control)

The part of the US Treasury Department responsible for enforcing United States economic and trade sanctions.

Related Terms

  • Existing Relationship

    There is an existing relationship between an originator and a receiver when there is either a written agreement in place or when the receiver has purchased goods...

    Learn More
  • Interchange

    Interchange is a small fee paid by a merchant's bank (acquirer) to a cardholder's bank (issuer) to compensate the issuer for the value and benefits that merchants...

    Learn More