OFAC (Office of Foreign Asset Control)

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

Related Terms

  • BOC (Back Office Conversion)

    A BOC entry is a one time debit entry to the account of a receiver whom has, at the point of purchase, been notified that their check...

    Learn More

  • Demand Deposit Account

    Traditional savings and checking accounts are generally demand deposit accounts.

    Learn More