OFAC Sanctions for Personal International Transfers
Our legal team reviewed the client’s case, clarified the applicable OFAC regulations, prepared a license application to resolve the sanction, and provided guidance to prevent future compliance issues.
Case Overview
A UK resident sought legal advice after being sanctioned by the Office of Foreign Assets Control (OFAC) following a personal international money transfer to a family member in the UAE. The individual transferred funds to their brother-in-law, unaware that the transaction might violate OFAC’s sanctions regulations. They were concerned about the impact of the sanction on their residency in the UK, ability to travel internationally, and financial stability, including their credit score. Additionally, they required guidance on resolving the issue through the OFAC license application process.
Addressing Legal and Regulatory Challenges
Our legal team conducted a detailed review of the circumstances surrounding the transaction and identified the applicable sanctions regulations. OFAC sanctions can apply to personal transfers involving individuals or entities in sanctioned regions, even when conducted in good faith. We analyzed the potential implications of the sanction, including residency and travel rights, and provided clarity on whether prior authorization was required for the transaction.
To resolve the issue, we prepared a comprehensive license application, demonstrating the client’s willingness to comply with regulations and rectify the oversight. We also offered practical advice on conducting future transactions to prevent similar situations.
Result
With our guidance, the client successfully addressed the OFAC sanction. The sanction did not affect their residency or travel rights, and the impact on their credit score was negligible. The license application was submitted, clearing the client’s record and allowing them to continue financial transactions without concern. Additionally, the client implemented the recommended compliance measures, ensuring smoother dealings in the future.
This case underscores the importance of understanding how sanctions regulations apply to personal financial activities and the value of expert legal support in navigating such challenges.
