OFAC

The OFAC means Office of Foreign Assets Control. It is a US financial intelligence and enforcement agency. It enforces economic sanctions against targeted countries, terrorists, or international narcotics traffickers threatening the country.

The OFAC maintains a list of specially designated nationals and blocked persons (SDN). US persons cannot transact with these designated entities or persons.

Some of the entities and individuals listed as SDNs have committed cryptocurrency-related fraud. Cryptocurrency businesses should be careful not to transact with their associated crypto addresses to remain compliant.

OFAC's website

Discover more about blockchain analytics, crypto and compliance with our Glossary.

About Scorechain

Scorechain is a Risk-AML software provider for cryptocurrencies and digital assets. As a leader in crypto compliance, the Luxembourgish company has helped over 200 customers in 40 countries since 2015, ranging from cryptocurrency businesses to financial institutions with crypto trading, custody branch, digital assets, customers onboarding, audit and law firms, and some LEAs.

Scorechain solution supports Bitcoin analytics with Lightning Network detection, Ethereum analytics with all ERC20 tokens and stablecoins, Litecoin, Bitcoin Cash, Dash, XRP Ledger, Tezos, and Tron with TRC10 and TRC20 tokens. The software can de-anonymize the Blockchain data and connect with sanction lists to provide risk scoring on digital assets, transactions, addresses, and entities. The risk assessment methodology applied by Scorechain has been verified and can be fully customizable to fit all jurisdictions. 300+ risk-AML scenarios are provided to its customers with a wide range of risk indicators so businesses under the scope of the crypto regulation can report suspicious activity to authorities with enhanced due diligence.