OFAC Check Clause Samples

An OFAC Check clause requires parties to verify that neither they nor their counterparties are listed on sanctions lists maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). In practice, this means conducting due diligence to ensure that no party involved in the transaction is subject to U.S. government sanctions, which may include screening names against published OFAC lists before entering into or continuing a business relationship. The core function of this clause is to ensure compliance with U.S. sanctions laws, thereby reducing the risk of legal penalties and reputational harm associated with inadvertently engaging in prohibited transactions.
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OFAC Check. FMER agrees that, in regards to all Services provided to SunTrust, it will perform all necessary actions to ensure that FMER and SunTrust are both in, and remain in, compliance with all applicable Executive Orders, laws, rules, regulations and sanctions administered, enforced or implemented by the United States Treasury Department’s Office of Foreign Assets Control (“OFAC”) or any other Governmental Authority’s rules, regulations and sanctions related to foreign asset control (collectively, the “Sanctions”). As part of its obligations, FMER will perform, prior to originating any Loan, all necessary reviewing and scanning of an Applicant against the List of Specially Designated Nationals and Blocked Persons administered by OFAC. If originating a Loan would violate any of the Sanctions, FMER agrees to not originate any such Loan. If FMER becomes aware that the name of an Applicant is potentially or actually the subject of one or more Sanctions, FMER will promptly notify SunTrust of such a fact by following the notification provisions provided in Section 19.1 below, the Program Guidelines, and the Servicing Guidelines, and FMER will provide SunTrust with any requested information and documentation related to any such violation or potential violation. At the request of SunTrust, FMER shall provide SunTrust with a data file or report with information regarding all or a selected group of Loans that have been applied for or established, as well as any other data and information reasonably requested by SunTrust. Such a data file or report will contain the requested information in a form, format and at intervals reasonably requested by SunTrust.
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OFAC Check. All Servicer employees performing services or supporting Servicer activities under this Agreement, regardless of their location, shall be validated by Servicer to not be on any list published and maintained by the United States government of Persons with whom any U.S. Person is prohibited from conducting business. Currently, the lists of such Persons can be found on the following web sites: (i) Denied Persons List on the Bureau of Industry and Security at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇.▇▇▇/dpl/Default.shtm. (ii) The Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control — Department of Treasury at ▇▇▇▇://▇▇▇.▇▇▇▇▇.▇▇▇/offices/enforcement/ofac/sdn/. (iii) Office of Foreign Assets Control — Recent OFAC Actions ▇▇▇▇://▇▇▇.▇▇▇▇▇.▇▇▇/offices/enforcement/ofac/actions/. (iv) Palestinian Legislative Council (PLC) List ▇▇▇▇://▇▇▇.▇▇▇▇▇.▇▇▇/offices/enforcement/ofac/programs/terror/ns/index.shtml. Servicer shall conduct periodic reviews, no less frequently than annually, of the lists mentioned above. Servicer shall report to Lender and Program Administrator immediately if the name of any Servicer employee performing the services matches with the name of any Person listed on any list published by the United States government of Persons with whom any U.S. Person is prohibited from doing business.
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OFAC Check. Neither Servicer, nor any of its subsidiaries, Affiliates, directors, officers, agents, or employees is: (a) an individual or entity that is listed in the annex to, or is otherwise subject to the prohibitions contained in, Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 or the Office of Foreign Asset Control (“OFAC”) regulations; (b) an individual or entity with whom Lender is prohibited from dealing or otherwise engaging in business under any U.S. law, regulation, executive order and/or lists published by OFAC (including those executive orders and lists published by OFAC); (c) an individual or entity that is named on the most current list of “Specially Designated Nationals and Blocked Persons” published by OFAC on its official website or any replacement website or other replacement official publication of such list; or (d) an individual or entity with which any financial institution is prohibited from dealing or otherwise engaging in any transaction under any laws or regulations related to terrorism or money laundering.
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OFAC Check. All Servicer employees performing Services or supporting Servicer activities under this Agreement, regardless of their location, shall be validated by Servicer to not be on any list published and maintained by the Government of the United States of America of persons or entities with whom any U.S. person or entity is prohibited from conducting business. Currently, the lists of such persons or entities can be found on the following web site: The Specialty Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control - Department of Treasury at ht▇▇://▇▇▇.▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇/enforcement/ofac/sdn/index.html. In the event of Servicer becoming aware of any Servicer employee involved in providing Services being included in the list of prohibited persons or entities, Servicer shall provide FMC with immediate notice thereof. Servicer shall conduct periodic reviews, no less frequently than quarterly, of the lists mentioned above. Servicer shall report to FMC immediately if the name of any Servicer employee performing the Services matches with the name of any person listed on any list published by the Government of the U. S. of persons or entities with whom any U. S. person or entity is prohibited from doing business.
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OFAC Check. Neither Servicer ,nor any of its subsidiaries, Affiliates, directors, officers, agents, or employees is (a) an individual or entity that is listed in the annex to, or is otherwise subject to the prohibitions contained in, Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the “Executive Order”) or the Office of Foreign Asset Control (“OFAC”) regulations; (b) an individual or entity with whom FMC is prohibited from dealing or otherwise engaging in business under any U.S. law, regulation, executive order and/or lists published by OFAC (including those executive orders and lists published by OFAC); (c) an individual or entity that is named on the most current list of “Specially Designated Nationals and Blocked Persons” published by OFAC on its official website or any replacement website or other replacement official publication of such list; or (d) an individual or entity with which any financial institution is prohibited from dealing or otherwise engaging in any transaction under any laws or regulations related to terrorism or money laundering.
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OFAC Check. FMER agrees that it will perform all necessary actions to ensure that FMER and Lender are both in, and remain in, compliance with all applicable Executive Orders, laws, rules, regulations and sanctions administered, enforced or implemented by the United States Treasury Department’s Office of Foreign Assets Control (“OFAC”) or any other Governmental Authority’s rules, regulations and sanctions related to foreign asset control (collectively, the “Sanctions”). As part of its obligations, FMER will perform, prior to originating any Loan, all necessary reviewing and scanning of an Applicant against the List of Specially Designated Nationals and Blocked Persons administered by OFAC. If originating a Loan would violate any of the Sanctions, FMER agrees to not originate any such Loan. If FMER becomes aware that the name of an Applicant is potentially or actually the subject of one or more Sanctions, FMER will promptly notify Lender of such a fact by following the notification provisions provided in Section 18.1 below, the Program Guidelines, and the Servicing Guidelines, and FMER will provide Lender with any requested information and documentation related to any such violation or potential violation that is available to it.
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OFAC Check. All Servicer employees performing Services or supporting Servicer activities under this Agreement, regardless of their location, shall be validated by Servicer to not be on any list published and maintained by the Government of the United States of America of persons or entities with whom any U.S. person or entity is prohibited from conducting business. Currently, the lists of such persons or entities can be found on the following web site: The Specialty Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control - Department of Treasury at In the event of Servicer becoming aware of any Servicer employee involved in providing Services being included in the list of prohibited persons or entities, Servicer shall provide FMC with immediate notice thereof. Servicer shall conduct periodic reviews, no less frequently than quarterly, of the lists mentioned above. Servicer shall report to FMC immediately if the name of any Servicer employee performing the Services matches with the name of any person listed on any list published by the Government of the U.S. of persons or entities with whom any U.S. person or entity is prohibited from doing business.
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Related to OFAC Check

  • Credit Check You are authorized, in your discretion, should you for any reason deem it necessary for your protection to request and obtain a consumer credit report for the Customer.

  • Credit Checks 9.1 The Reseller agrees that: (a) When the Reseller applies to Voip-Unlimited to open an account, Voip-Unlimited may check the following records about the Reseller and its business partners: (i) Voip-Unlimited’s own; (ii) Personal and business records at credit reference agencies (CRAs). When CRAs receive a search from Voip-Unlimited they will place a search footprint on the Reseller’s business credit file that may be seen by other parties including lenders. They supply to Voip-Unlimited both public (including the electoral register) and shared credit and fraud prevention information; and (iii) those at fraud prevention agencies (FPAs); (b) For directors, Voip-Unlimited may seek confirmation, from credit reference agencies, that the residential address provide is the same as that shown on the restricted register of directors' usual addresses at Companies House; (c) Voip-Unlimited may make checks such as assessing the Reseller’s application and verifying identities to prevent and detect crime and money laundering. Voip-Unlimited may also make periodic searches at CRAs and FPAs to manage the Reseller’s account with it; (d) Information on applications will be sent to CRAs and will be recorded by them. Including information on the Reseller’s business and its proprietors and CRAs may create a record of the name and address of the Reseller’s business and its proprietors if there is not one already. Where the Reseller borrows from us, we will give details of the Reseller’s accounts and how the Reseller manages it/them to CRAs; (e) If the Reseller borrows and does not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs and FPAs to perform similar checks and to trace the Reseller’s whereabouts and recover debts that the Reseller owes. Records remain on file for 6 years after they are closed, whether settled by the Reseller or defaulted; (f) If the Reseller gives Voip-Unlimited false or inaccurate information and Voip-Unlimited suspect or identifies fraud Voip-Unlimited will record this and may also pass this information to FPAs and other organisations involved in crime and fraud prevention; (g) If the Reseller has borrowed from Voip-Unlimited and does not make payments that it owes Voip- Unlimited, Voip-Unlimited may trace the Reseller’s whereabouts and recover debts; (h) Voip-Unlimited and other organisations may access and use from other countries the information recorded by fraud prevention agencies; and (i) The Reseller’s data may also be used for other purposes for which the Reseller gives specific permission or, in very limited circumstances, when required by law or where permitted under the terms of the Data Protection ▇▇▇ ▇▇▇▇.

  • Original Checks ▪ After you receive confirmation that we have received an image, you must securely store the original check for 14 calendar days after transmission to us and make the original check accessible to us at our request. Upon our request from time to time, you agree to deliver to us within 5 calendar days, at your expense, the requested original check in your possession. If you fail to deliver the requested original check to us in a timely manner, such amount will be reversed from your account. Promptly after such period expires, you must destroy the original check by first marking it “VOID” and then destroying it by cross-cut shredding or another commercially acceptable means of destruction. After destruction of an original check, the image will be the sole evidence of the original check.

  • Union Check-Off The Employer agrees to the monthly check-off of all Union Dues, Assessments, Initiation Fees, and written assignments of amounts equal to Union Dues. The check-off monies deducted in accordance with the above paragraph shall be remitted to the Union by the Employer within two (2) weeks of the end of each month. The Employer shall provide the Union's Provincial Office with a list of all employees hired, and all employees who have left the employ of the Employer (who shall be designated as terminated and shall include discharges, resignations, retirements and deaths) in the previous month along with a list of all employees in the bargaining unit and their employee status and the amount of dues or equivalent monies currently being deducted for each employee.

  • Dishonored Checks The Transfer Agent may receive any fees reasonably related to the cost incurred by the Transfer Agent when a shareholder purchases shares by check and the purchase is subsequently canceled because the check was dishonored by the shareholder’s bank.